Reuters: U.S.: Bill lowering student loan interest rates heads to Obama

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Bill lowering student loan interest rates heads to Obama Jul 31st 2013, 22:50 Tweet Share this Email Print Related News UPDATE 2-U.S. senators reach deal to move student loans to market rates Thu, Jul 18 2013 CORRECTED-U.S. Senate rejects temporary fix for student loan rates Wed, Jul 10 2013 Analysis & Opinion Underemployed Cooley Law grads lose the war, but win the battle Online education can be good or cheap, but not both Related Topics U.S. » Politics » Money » Students walk through campus between classes at Santa Monica College in Santa Monica, California April 4, 2012. Credit: Reuters/Bret Hartman By Elvina Nawaguna WASHINGTON | Wed Jul 31, 2013 6:50pm EDT WASHINGTON (Reuters) - The House of Representatives on Wednesday passed a bill that would reverse a recent hike in federal student loan interest rates, lowering them to 3.86 percent for undergraduates in the new school year. The House voted 392-31 in favor of the bill that will switch interest rates to a market-based system. The bill pegs interest rates on student loans to the 10-year Treasury note plus 2.05 percentage points for undergraduates, and plus 3.6 percentage points for graduate loans. Interest rates on student loans automatically doubled on July 1 to 6.8 percent from 3.4 percent after Congress failed to meet the deadline to prevent the rate increase. Congress has since sought a retroactive fix that would keep new borrowers from paying the higher rate. The bill, a result of extensive negotiations in mid-July among a coalition of U.S. senators composed of Democrats, Republicans and an independent, now waits to be signed into law by President Barack Obama. (Reporting by Elvina Nawaguna; Editing by Eric Beech) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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