U.S. Senate Passed Student Loan Legislation Wednesday
College students can breath a sigh of relief now that Congress has finally agreed on legislation to keep interest rates on federal student loans from doubling to 6.8 percent this school year.
The Associated Press reports that the U.S. Senate passed a compromise bill Wednesday night that ties federal student loan rates to the yield on 10-year Treasury notes. That means undergraduates will pay an interest rate of 3.86 percent on loans taken out this year; grad students will pay 5.41 percent.
The House is expected to pass the bill next week.