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