(SIOUX CITY, IA) Senator Tom Harkin talked about the need to address increasing student loan interest rates.
Harkin is the Chairman of the Education Committee and met with other Senators Wednesday to reach a bipartisan agreement on student loan rates.
As of July 1st, interest rates doubled from 3.4% to 6.8%, but Harkin believes next week an agreement will be made.
"I'm hopeful that next week we will have a compromise that will keep interest rates low, below 6.8%. It might be slightly higher than 3.4, right, maybe around 3.6%, and we'll keep it low for the next 3 or 4 years. They will creep up a bit there's no doubt about it, but the goal is to keep the cap as close to 6.8% as possible," says Senator Harkin.
Harkin says the bigger question hanging over everyone's head is what to do about the trillion dollars of debt America has incurred.
He plans to address that problem before he leaves his Senate seat at the end of next year.