Student Loan Interest Rate Fix Raises Questions

Congress appears set to pass a bill tomorrow that allows certain undergraduate students to borrow up to $5,500 for the coming school year at a fixed interest rate of 3.4 percent instead of 6.8 percent. The president spent months making the case for the one-year, low-rate extension, and Congress spent almost as much time debating how to pay for it. The whole episode raises a lot of questions that students, reporters and policymakers should have been asking all along.

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