Senators reach deal on student loans

POSTED: 12:12 AM Jul 18 2013   UPDATED: 12:12 AM Jul 18 2013
WASHINGTON -

Senators have reached a bipartisan deal to restore lower interest rates on student borrowers.
    
The breakthrough came Wednesday, one day after lawmakers huddled with President Barack Obama at the White House. Lawmakers are expected to vote as early as Thursday on the deal that would lower rates before students return to campus.
    
The deal would offer students lower interest rates through the 2015 academic year but then rates were expected to soar. Undergraduates could face rates as high as 8.25 percent, while graduate students would see rates as high as 9.5 percent and parents' rates would top out at 10.5 percent.
    
The deal is described by Republican and Democratic aides who insist on anonymity because they are not authorized to discuss the ongoing negotiations by name.