Dive Summary:
- Advocacy groups want Congress to reject a deal on student-loan interest rates, saying it doesn't do enough to protect future borrowers from rising rates.
- A letter to senators, who are expected to vote on the bill next week, says students "should not be seen as a cash cow."
- The groups say interest rates would quickly exceed current levels, with some loan rates topping 6.8% in two years.
From the article:
... Groups representing colleges and student-aid administrators welcomed the deal, saying it would provide predictability for students and would ensure that borrowing costs reflected broader economic conditions. Molly Corbett Broad, president of the American Council on Education, called the compromise "good news for students and families." ...
