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Congress close to student loan deal

Reports indicate that Congress could be reaching a deal soon on student loan interest rates.
Syracuse (WSYR-TV) – Reports indicate that Congress could be reaching a deal soon on student loan interest rates.

A bipartisan group of senators spent Thursday attempting to figure out a plan that would tie rates on Stafford loans to the rates on the 10-year Treasury note.

Students would pay that rate plus a certain percentage extra based on whether they are undergraduate or graduate students.

It's similar to a plan passed by the House back in May, but it would cap how high those rates can go.

To pass this plan, it will need support from 60 senators and then have to clear the House.

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