House passes new rule on student loans, which pushes down interest rates for this fall.
July 31st, 2013
06:55 PM ET
Congress OKs cheaper student loans
By Jennifer Liberto, CNNMoney
Washington (CNNMoney) - The House on Wednesday approved a bipartisan that ensures lower interest rates on loans for students heading to college this fall.
Members of the House voted 392 to 31 to lower rates for undergraduates taking out government loans this school year to 3.86% - cheaper than the 6.8% interest rate that kicked in on July 1. The new rates would be retroactive and apply to loans taken out after July 1.
The bill, which passed the Senate last week, will now go to the President Obama's desk to be signed into law.
It has provisions for rates to go higher in coming years.
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What about the $51 Billion dollars the Federal Government will be making off of student loans just this year? When the Administration is talking about companies making record profits, as if it's a bad thing. I'd like to know why our government is price goudging middle class families? Furthermore, why doesn't the media cover this? Are you afraid of going against the administration?