White House backs deal to hold down student loan rates

WASHINGTON (Reuters) - President Barack Obama supports compromise legislation holding down interest rates on student loans and was involved in Senate negotiations, a senior administration official said on Thursday.

U.S. senators reached a deal on Wednesday to temporarily hold interest rates on student loans at lower levels, as they raced to get the measure completed before an August deadline, a Senate aide said.

(Reporting by Mark Felsenthal; Editing by Vicki Allen and Philip Barbara)