There’s been plenty of talk about student loan rate deals in congress. Here’s how the House and Senate bills would actually affect parents and students.

Philip Elliott of the Associated Press reports, via Breitbart.

Congress Nears Student Loan Deal Ahead of Recess

UNDERGRADUATES:

Senate: Undergraduates who take subsidized and unsubsidized Stafford loans would pay the 10-year Treasury note, plus an additional 2.05 percent. That would put the interest rate at about 3.9 percent this fall. Rates would be capped at 8.25 percent.

House: Under the House bill, undergraduates who take subsidized and unsubsidized Stafford loans would pay the 10-year Treasury note, plus an additional 2.5 percent. That would translate to an interest rate of about 4.3 percent interest rates for loans taken this fall. Rates would be capped at 8.5 percent.

GRADUATE STUDENTS:

Senate: Graduate students would borrow at the interest rate of the 10-year Treasury notes plus an additional 3.6 percent. That would bring 5.4 percent interest rates for borrowers this fall. Rates would be capped at 9.5 percent.

House: Graduate students and parents would borrow at the 10-year Treasury note plus an additional 4.5 percent. Under this formula, graduate student loans this fall would carry a 6.3 percent interest rate. Rates would be capped at 10.5 percent.

PARENTS AND SOME GRADUATE STUDENTS:

Senate: Parents and some graduate students would borrow at the 10-year Treasury note plus an additional 4.6 percent. That works out to a 6.4 percent interest rate for fall term. Rates would be capped at 10.5 percent.

House: Graduate students and parents would borrow at the 10-year Treasury note plus an additional 4.5 percent. That would bring about 6.3 percent interest rates for borrowers this fall. Rates would be capped at 10.5 percent.