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Senate passes bill on student loan rates

July 24, 2013 • National News


FILE – Prospective students tour Georgetown University’s campus in Washington, in this Wednesday, July 10, 2013, file photo. Grants and scholarships are taking a leading role in paying college bills, surpassing the traditional role parents long have played in helping foot the bills, according to a report from loan giant Sallie Mae. (AP Photo/Jacquelyn Martin, File)

WASHINGTON (AP) — Borrowing for tuition, housing and books would be less expensive for college students and their parents this fall but the costs could soon start climbing under a bill the Senate passed overwhelmingly Wednesday.

The bipartisan proposal would link interest rates on federal student loans to the financial markets, providing lower interest rates right away but higher ones later if the economy improves as expected. The measure was similar to one that already had passed the Republican-led House and leaders from Login to read more

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