Here's what you need to know about the recent hike in student loan interest rates.
A proposal backed by Republicans and President Barack Obama would lock interest rates on all federal education lending to the 10-year Treasury note, the market rate the U.S. government pays when it borrows. In recent days, that rate has floated slightly around 2.5 percent.
However, Obama and the Republicans disagree whether those loans rates would be fixed during the life of the loan or if they should follow the market.
Library of Congress
Jason Reed / Reuters
U.S. Army/Sgt. Kimberly Johnson
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