backing legislation to head off a doubling of a student loan interest
rate set to take effect on July 1.
He says Wednesday the rate on the federally-subsidized Stafford loans will jump from 3.4 to 6.8% unless Congress takes action.
The increase would affect new loans after July 1.
Schumer says he'll help lead sponsor Sen. Jack
Reed, a Rhode Island Democrat, bring the Student Loan Affordability Act
of 2013 to the floor before the deadline.
Congress voted last year to freeze the rates on the
need-based loans for a year. They had been lowered in 2007 to 3.4% for
the 2011-2012 year.
Reed's bill would extend the freeze for two years
while lawmakers continue working on reauthorization of the Higher
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