WASHINGTON — The House Republicans caved and signed onto a bill that cut the student loan rate, which had doubled this year.
Reuters reports that the rate was reduced to 3.86% on their student loans when it went up to 6.8% after Congress failed to meet the deadline at the start of this past July.
The House voted 392-31 in support of reducing interest rates, which the Senate passed last week on July 24th. President Barack Obama is expected to sign the bill into law.
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