Congress has a deal in the work over Student Loan interest rates

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(FOX NEWS) – College affordability is one of the critical issues facing the middle class.

Interest rates on subsidized Stafford loans doubled to 6.8 percent on July first.

Now lawmakers are looking to change that.

A bipartisan deal is being considered to lower interest rates on student loans.

Fox news correspondent Ainsley Earhardt has more.

Earlier this month, congressional lawmakers failed to reach a compromise on student loans.

Amanda Marcano says: "It's quite unfortunate because college is expensive enough. A lot of us are doing it on our own. Now it's going to be twice as hard."

But some good new is on the horizon, the costs of higher education might be coming down.

Sen. Mitch McConnell says: "the president has just called upon Senate Democrats to take up and pass the bipartisan student loan bill that's been worked out by a group of Republicans and Democrats here in the Senate."

The student loan bill would offer lower interest rates for the next few years.

Borrowers would temporarily pay less to borrow from the federal government to finance a college education than under existing law.

Secretary of education Arne Duncan suggests some will save nearly 15-hundred dollars in interest over the life of the loan.

Arne Duncan says: "rates on every single new college loan will come down this school year, offering relief to nearly 11 million borrowers.  And undergraduates, graduate students and parents will all borrow lower than the rate that went into effect on July 1st."

The white house is urging lawmakers to pass this deal quickly.

The Obama administration has told some senate democrats that if they don't support the deal, and it collapses, the president would publicly blame them for allowing borrowing costs to rise for some students.

Senator Mitch McConnell says the bill is a good compromise.

Sen. Mitch McConnell says: "It's a good step forward in the direction of accomplishing things on a bipartisan basis."

Lawmakers are set to consider the bipartisan deal today.

It could overhaul the entire federal student lending program.