With a deadline looming, Vice President Joe Biden says the Obama administration is examining a proposal from congressional Republican leaders on how to prevent interest rates on some student loans from doubling, the Associated Press reports.
“We’re not going to trade off student loans for other vital, vital programs,” Biden said, responding to a reporter’s question during a White House meeting with college officials.
The White House stance means negotiations with congressional Republicans will likely go to the brink before being resolved. Both parties favor extending current 3.4 percent interest rates on subsidized Stafford loans for another year, but they have been divided over how to pay for it. The current rates expire July 1…