Alaska’s U.S. Senators Lisa Murkowski and Mark Begich have joined the majority in a vote on linking federal student loans to the financial markets.
Murkowski’s office said that this bipartisan legislation represents a permanent fix to “lock and lower” interest rates for 100 percent of newly-issued student loans.
Begich, on the other hand, called it a short-term fix for some temporary relief.
Though rates on new loans officially doubled on July 1st, if this bill is enacted, the U.S. Department of Education would originate all new loans for the coming school year at the new, lower rates.
The bill is reportedly similar to one passed by the U.S. House, which President Obama called a “major victory”.