Neither party has cash for student loan rate fix Associated Press Copyright 2013 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Updated 12:06 pm, Thursday, March 28, 2013 WASHINGTON (AP) — Incoming college freshmen could end up paying $5,000 more for the same student loans their older siblings have if Congress doesn't stop interest rates from doubling. [...] the presidential election is over and mandatory budget cuts are taking place, making a deal to avert a doubling of interest rates much more elusive before a July 1 deadline. Last year, with the presidential and congressional elections looming, students got a one-year reprieve on the doubling of interest rates. Neither party's budget proposal in Congress has money specifically set aside to keep student loans at their current rate. [...] that could lead to confusion for students as they receive their college admission letters and financial aid packages. House Republicans, led by Budget Committee Chairman Paul Ryan, have outlined a spending plan that would shift the interest rates back to their pre-2008 levels. "Burdening students with 6.8 percent loans when interest rates in the economy are at historic lows makes no sense," said Lauren Asher, president of the Institute for College Access and Success, a nonprofit organization. [...] its committee report included a window for the Senate Health Education and Pension Committee to pass a student loan rate fix down the road.

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