Congress Approves Student Loan Interest Rate Cut

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Congress has approved a bill to cut the interest rates of new student loans.

The bipartisan bill will lower the costs of borrowing for millions of students and it's now waiting for the president's signature.

Rates on new loans doubled to 6.8 percent July 1. This bill brings the rate down to 3.9 percent.

It's a compromise that will apply to all students borrowing through the 2015 academic year.



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