The Senate is expected to vote today to approve a bill that would change how the government sets interest rates on federal student loans. The Bipartisan Student Loan Certainty Act of 2013 (S. 1334) was developed by a bipartisan group of senators and is backed by the White House. But there are still a few holdouts. One of their main beefs with the bill is that if interest rates rise over the next 11 years exactly as the Congressional Budget Office projects, the bill would save taxpayers $715 million compared to current law. Let’s put the $715 million in savings into context.
The full post is on Ed Money Watch.