Senate reaches tentative deal on student loans

The Senate could vote as early as today on a new student loan deal reached Wednesday. The proposal would link interest rates to financial markets — specifically the 10-year Treasury note — and cap rates at 8.25 percent for undergraduate loans and 9.5 percent for graduate loans.

Rates for new subsidized Stafford loans doubled from 3.4 percent to 6.8 percent on July 1, after Congress couldn’t agree on a new plan before old subsidies expired.

Marketplace’s Queena Kim joins Morning Report host David Brancaccio to explain the details.