The Bipartisan Student Loan Certainty Act of 2013 was a bill signed into law by President

Barack Obama Barack Hussein Obama II ( ; born August 4, 1961) is an American politician who served as the 44th president of the United States from 2009 to 2017. A member of the Democratic Party, Obama was the first African-American president of the U ...

on August 9, 2013,Obama Signs , whitehouse.gov
/ref> which, after more than a month of contentious debate between both parties about higher education and how the government should distribute loans, sets federal student loan rates to financial markets on all DIRECT student loans disbursed on or after July 1, 2013. There are maximum rate caps for Undergrad, Graduate PLUS and Parent PLUS loans. Democrats had originally planned to extend the low 3.4% rate for another 1–2 years but the bill, sponsored by Sen. Jack Reed (D-RI), was filibustered. Republicans in the House created a market-based approach, and the two sides eventually reconciled, after Sen. Joe Manchin (D-WV) and Sen.

Angus King Angus Stanley King Jr. (born March 31, 1944) is an American lawyer and politician serving as the junior United States senator from Maine since 2013. A political independent since 1993, he previously served as the 72nd governor of Maine from 1995 ...

(I-ME) broke away from the Democratic Caucus to side up with the Republican bill, to prevent undesired gridlock.Interest Rate , studentaid.ed.gov
/ref>

References

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External links

Student AidWhite House
Student loans in the United States Acts of the 113th United States Congress