Senate reportedly has a deal to keep student loan interest rates from doubling

Senate Democrats and Republicans say they have a deal to prevent student loan interest rates from doubling. There's no word yet on just what is in the deal, and "odds and ends" still need to be finalized, but both Senate Majority Leader Harry Reid and Minority Leader Mitch McConnell are on board with the broad strokes, whatever they may be.

Two big question marks remain for the Senate: What bill to attach the student loan provisions to, since without congressional action, interest rates double on Sunday, and whether House Republicans will be on board:

'Sen. Reid and I have an understanding that we think will be acceptable to the House. That may or may not be coupled with the highway proposal over in the House,' said McConnell. [...]

A senior Democratic aide said he was leery about calling the student loan bill a done deal until Tea Party Republicans in the House had weighed in.

House Republicans, of course, are notoriously extremist and prone to hostage-taking. Still, if Senate Republicans are on board, it will be more difficult for House Republicans to blame Democrats if interest rates double from 3.4 percent to 6.8 percent.

It's not done until it's done. Keep up the pressure on Congress to keep student loan interest rates low without cutting services working Americans rely on.

1:17 PM PT: The Washington Post reports on the broad outlines of the deal:

The extension would be paid for by raising premiums for federal pension insurance, an idea acceptable to businesses because rules will also be changed on how companies calculate their pension liabilities. The pension proposal came from Reid.

Meanwhile, part-time students would be limited in the number of years they can receive subsidized loans, a suggestion from Republicans.