WASHINGTON -- A congressional Republican says the House and Senate have tentatively agreed to prevent interest rates on new college loans from doubling to 6.8 percent this Sunday.

The one-year extension of the existing 3.4 percent rate on subsidized Stafford loans is the same package that Senate Majority Leader Harry Reid, a Nevada Democrat, and Senate GOP leader Mitch McConnell of Kentucky said on Tuesday they had worked out.

Earlier Wednesday, House Speaker John Boehner, an Ohio Republican, said Wednesday that lawmakers were near agreement. The congressional Republican who discussed the tentative deal spoke on condition of anonymity because it had not been announced.

The $6 billion measure would be paid for by curbing companies' tax breaks for pension payments and limiting federal subsidies of student loans.

The deal would affect new loans starting July 1, affecting an estimated 7.4 million students.

Earlier on HuffPost: