Gordon Forgey

On Tuesday, an agreement was reached in the United States Senate to freeze the interest rate on federally subsidized Stafford student loans.

The expiration of that special rate program on July 1 would double the rates students would have to pay on new loans.

The current rate is 3.4 percent. Should the program expire, the rate will jump to 6.8 percent.

Both Republicans and Democrats in the Senate are backing the extension of the lower rate. Apparently, both sides are satisfied, although some arcane accounting was used to achieve the agreement.

A big hurdle remains. The House of Representatives...