March 26, 2004
Republicans and Democrats Clash Over Student-Loan Consolidation
Republican and Democratic lawmakers locked horns last week over a plan that would diminish the appeal of a program that allows borrowers to combine and refinance federal student loans.
Under the proposal, borrowers who seek such consolidation loans would no longer be able to "lock in" fixed interest rates for up to 30 years, as they are able to do now. Instead, the borrowers would be charged the same rate as all other student-loan recipients in a given year. That rate varies from year