- Accuracy in Media - https://www.aim.org -

House GOP caves on Student Loans Bill

WASHINGTON — The House Republicans caved and signed onto a bill that cut the student loan rate, which had doubled this year.

student loans [1]Reuters reports [2] 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.