WASHINGTON – Congress on Friday approved an omnibus transportation bill that also included a five-year extension of the National Flood Insurance Program and a one-year extension of the low rates on federally guaranteed student loans.

The flood insurance provisions will raise premiums on homeowners in high-risk floodplains, commercial properties and those who have filed claims of more than $2 billion.

The student loans provisions will extend the current 3.4% rate on Stafford loans – which were scheduled to double to 6.8% July 1 – for another year.

Congress has passed 17 short-term extensions of the NFIP and allowed the program to lapse four times.


Subscribe Now

Authoritative analysis and perspective for every segment of the credit union industry

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.