US House Passes Bill to Cut Student Loan Interest

January 19, 2007

The College Student Relief Act of 2007 was passed with a 356-71 vote in the US House of Representatives on Wednesday night. President Bush, who opposes the bill, could still use his presidential veto, which would require a two-thirds vote in both chambers to succeed. The Act will reduce the interest rate on subsidized Stafford loans for undergrads from 6.8% to 3.4%, potentially saving graduates thousands of dollars in interest. Chronicle of Higher Education (subscription required) | Boston Globe | CNN