Congress passes bill to lower student loan rates

Published July 31, 2013 4:00am ET



The House gave final approval Wednesday night on legislation that allows college students to avoid higher interest rates on federal loans, ending a weeks-long standoff with the Senate.

The bill, which the Senate approved last week, links interest rates to 10-year Treasury notes, meaning they pay lower rates now but higher rates in subsequent years if the economy improves.

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