A pair of Republican senators have introduced a bill aimed at providing a long-term fix for the expected hike in student loan interest rates.

Interest rates on federally subsidized Stafford student loans are scheduled to double in July from 3.4 to 6.8 percent. Congressional Republicans and Democrats have not yet agreed on a measure that would prevent the interest rates from doubling, with both parties offering alternative ways to pay for the cost of extending the subsidies (see Democrats, Republicans Remain at Odds on Student Loan Rate Freeze).

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