North Country Congressman Bill Owens applauded the U.S. Senate for passing what he called bipartisan compromise legislation to reduce interest rates on federal student loans. The new 3.86 percent rate would apply retroactively to loans taken out after July 1, when rates were allowed to double due to congressional inaction.

“I applaud the Senate for reaching a compromise to bring relief to students and their families, and I urge House leadership to bring this legislation to the floor for a vote as soon as possible,” Owens said.

“The bipartisan action taken to pass this legislation, though delayed, is a positive development, and I look forward to future action to make post-secondary educational opportunities affordable for all Americans,” said Owens, a Plattsburgh Democrat whose district, which spreads from just north of Albany across to Lake Ontario and north to the Canadian border, includes several state and private colleges and universities and community colleges.

An overview of the story from CNN is at http://money.cnn.com/2013/07/24/news/economy/senate-student-loans/index.html