Republicans Back Obama’s Student Loan Plan

House Republicans are willing to support an idea in President Barack Obama’s budget proposal to help college students avoid a costly hike on their student loans, according to Rep. John Kline, R-Minn., chairman of the Education and Workforce Committee. Obama’s plan links the interest rates on student loans to market rates. To calm the fears of runaway interest rates, Kline said his proposal would also include a cap on interest rates that was not part of Obama’s proposal. "At the end of the day, we believe that what we've done with this bill is make sure that the borrowers, whether they're graduates or undergraduates or parents, can take advantage of the lower rates when they're available," Kline said. The Memphis Daily News has the story.