House Approves Cut in Stafford Loan Rate | 01.23.07

Posted in Stafford Loan, Student Loans By Student Loan Network Staff

The US House of Representatives voted last Wednesday to cut the interest rate on future federal student loans. The bill will gradually reduce interest rates for only federally subsidized loans. If this bill is passed by both the House and the Senate, interest rates on the subsidized Stafford Loan will be cut beginning this July. These rate cuts will be phased in over the course of five years. So, this year, the interest rate will be cut from 6.8 percent to 6.12 percent. This cut will help lower the monthly cost of repaying student loans for millions of low-income students.

The bill currently awaits Senate and presidential approval.
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