(Washington, DC) — Senator Harry Reid says he’ll introduce a bill that would freeze the interest rates on student loans. Reid says the measure would hold the current rate for government-backed college loans at 3.4%.
The rate is scheduled to double on July 1st, without Congressional action. Reid says the freeze will be offset by other cuts, but he has not yet said how. Both President Obama and presumptive Republican challenger Mitt Romney have supported a student loan interest freeze.