U.S. House Passes Bill Lowering Rates Of Student Loans

U.S. House passes bill lowering rates of student loans

The U.S. House approved a bill to lower the interest rate of student loans on Wednesday with an overwhelming approval of 392-31. The bill was sent President Obama for his signature

The legislation offers lower rates for students now and higher ones when the economy improves by linking interest rates to financial markets.

The White House has endorsed the bipartisan bill, despite objections from consumer advocates that the proposal will hurt future students.