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WASHINGTON (AP) — Congressional Republicans are pushing to overhaul the government’s student loan program, as both Democrats and the GOP blame each other for letting interest rates on the subsidized loans double last Monday.
In the weekly Republican radio address Saturday, congresswoman Lynn Jenkins of Kansas is pressing Senate Democrats to act on legislation that ties the rate to the financial markets, similar to a proposal from President Barack Obama. Senate Democrats unsuccessfully sought a two-year extension of the current 3.4 percent rate.
Jenkins tells students they deserve a more fair approach, one free of politics that allows students to take advantage of lower rates and have more peace of mind.
The White House predicts a deal will be reached before students return to school from their summer break.
Obama commemorated Independence Day when he delivered his weekly address Thursday.