Senate Minority Leader Mitch McConnell (R-KY) told reporters Tuesday that he supports legislation to avert an interest rate hike on student loans, an issue that has put Mitt Romney on the side of President Obama against House Republicans, who have been wary of an extension.
“The president has come out for a one-year extension. Governor Romney’s come out for a one-year extension. We’re discussing it as well,” McConnell said at his weekly press conference. “And I understand, as you’ve indicated, that the majority leader’s going to bring it up afterwards. So we’ll let you know. But we’re in the process of discussing it among ourselves. I don’t think anybody believes this interest rate ought to be allowed to rise. The question is how you pay for it and how long do you do the extension.”
Student loan interest rates are set to double from 3.4 percent to 6.8 percent for some 7 million students in July.
