Student loan rates safe for the time being

Federal legislators prevented the doubling of student loan interest rates with emergency bi-partisan legislation late Wednesday. Republican lawmakers had stymied previous attempts to modify loan rates by attaching a controversial oil pipeline bill. Democrats finally managed to dislodge the pesky rider and got the bill passed. The higher rates would have applied to new federal loans made after July 1st.

In addition to the student loan modifications, lawmakers also squeezed a highway funding bill into the mix. This funding package was seen as a necessity in an election year, when idled workers would create a public relations problem for campaigning politicians.