The countdown to the July 1 deadline for setting a new federal student loan interest rate carried with it all the drama we've come to expect from Congressional financial cliffhangers. There was lots of finger-pointing as the clock wound down. Senate Republicans blocked a proposal to extend the current 3.4 percent rate for federally subsidized Stafford loans, causing it to temporarily double to 6.8 percent. Finally, last week, Congress agreed on a compromise that would link the interest rate to the 10-year treasury bond—which is still likely to lead to interest rates on new loans more than doubling over... More >>>
Students protest outside Sallie Mae’s 2012 shareholders meeting in Newark, Delaware.