The $6.7 billion agreement would extend the current 3.4 percent rate on Stafford loans for one year, with about $700 million extra for deficit reduction, according to Senate leadership aides. The bulk of that — $5.5 billion — would come from two pension measures. One would change how private pension interest payments are calculated, smoothing the fluctuations for businesses even as the total cost rises slightly. The other would come from higher premiums for companies participating in the Pension Benefit Guaranty Corporation. Another $1.2 billion would come from limiting how long a student could receive Stafford loans to 150 percent of the average time it takes to complete a degree. Currently there are no limits. “We’re pleased that the Senate has reached a deal to keep rates low and continue offering hard-working students a fair shot at affordable education,” said the White House press secretary, Jay Carney. Senator Mitch McConnell, Republican of Kentucky, the minority leader, said the White House was not involved in reaching the compromise. Attention will now shift to House Republicans, who already passed a loan extension, paid for by a preventive care fund from the health care law that Democrats had declared unacceptable. House Republicans huddled with Speaker John A. Boehner of Ohio on Tuesday evening, trying to find a way to link the loan deal with a measure extending federal highway and transit programs. The goal, aides said, was to be able to take a final vote on Friday, ahead of the July 4 recess.
