One way or another, the Congress seems certain to prevent a low interest rate for federal student loans from doubling on July 1, aides and analysts say, largely because lawmakers do not want to rile young voters before the November 6 elections, Reuters reports. Yet it remains unclear how – or even if – Congress will pay for a one-year-renewal of the 3.4 percent rate for about 7.4 million students, which would cost about $6 billion. Senate Republicans on Tuesday are expected to block a proposal by President Barack Obama’s Democrats to cover the cost by plugging what they call a tax loophole for the rich. Senate Democrats are expected to reject a bill passed two weeks ago by the Republican-led House of Representatives to fund it by taking money away from Obama’s healthcare overhaul…
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