House Approves Lower Rates On Student Loans

July 31, 2013
A class at the University of Illinois at Springfield.

A class at the University of Illinois at Springfield.

(Jeremy Wilburn/flickr)

A bill that would lower the cost of student loans has passed the House and is heading to President Barack Obama for his signature.

The House on Wednesday gave final congressional approval to a bipartisan measure that links student loan interest rates to the financial markets. Most students would see lower interest rates in time for classes this fall.

Undergraduates this fall would borrow at a 3.9 percent interest rate for subsidized and unsubsidized loans. Graduate students would have access to loans at 5.4 percent, and parents would borrow at 6.4 percent. The rates would be locked in for that year's loan, but each year's loan could be more expensive than the last. Rates would rise as the economy picks up.

Story source: AP

WILL Highlights

Nature: Penguin Post Office

7 pm Wednesday, Jan. 28, on WILL-TV: Watch the drama when 3,000 penguins surround an Antarctic post office each summer.


Illinois Public Media logo

WILL-AM at low power on Wednesday

From 9 am to about 3 pm Wednesday, Jan. 28, WILL-AM will be operating at low power while necessary repairs are made to tower lights.