House Sends Student Loan Agreement to President

The House sent President Barack Obama legislation that prevents interest rates in new federal student loans from doubling. The bill, which has been approved by the Senate, passed by a 392-31 vote yesterday evening in the House. According to the Memphis Business Journal, the bill allows federal student loan rates to be tied to the yield on 10-year Treasury notes. "This permanent, market-based plan ends the annual game of Congress playing politics with student loan interest rates at the expense of students planning their futures," said state Sen. Lamar Alexander.