PROVIDENCE, R.I. (AP) — Sen. Jack Reed plans to be on hand as President Barack Obama signs into law a bill that prevents interest rates from going up on student loans.
The bill signing is scheduled to be held at White House on Friday afternoon.
The bill maintains interest rates of 3.4 percent for subsidized Stafford loans for undergraduates. If Congress hadn’t acted, those rates would have doubled for new loans. The bill also allows more than $100 billion to be spent on highway, mass transit and other transportation programs during the next two years. Those projects would have expired June 30.
Reed was among those who were instrumental in passing the agreement.
Obama had made the expiring student loan interest rates an issue for months.