The U.S. Senate could vote as early as today to change the way federal student loan interest rates are calculated. A bipartisan compromise that would connect loan rates to 10-year Treasury bills has been endorsed by party leaders as well as the White House.
Under the proposal, there would be lower interest rates in the short term, but the rates would rise as the economy improves. But some Democrats still want to see changes to the compromise, including Minnesota DFL Sen. Al Franken. He will introduce an amendment that would use projected profits from the loan interest to support future student loans.
Senator Franken spoke with Morning Edition host Cathy Wurzer about the compromise proposal and other items on the Senate's agenda. Click on the audio link above to hear the conversation.