Smarter Solutions for Students Act
Student loan rates could more than double under the Republican bill just passed.
Rates for student loans are set to double in July to 6.8%, but no higher.. Under this Republican bill, rates for undergraduate loans, would be set at that of the 10-year Treasury note, plus 2.5 percentage points, and capped at 8.5 percent The bill would peg rates on graduate student and parent loans to the 10-year T-bill, plus 4.5 percentage points, capped at 10.5 percent.
The interest rate is variable and could increase to the maximum at anytime.
Below are how the Representatives voted.