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Published July 24, 2013, 08:53 PM

Senate passes bill to reduce student loan rates

The United States Senate today passed a bipartisan bill to reduce student loan rates. 81 United States senators voted to pass the measure which will reduce loan rates for 100 percent of borrowers.

The United States Senate today passed a bipartisan bill to reduce student loan rates. 81 United States senators voted to pass the measure which will reduce loan rates for 100 percent of borrowers. 18 senators voted against it. The Bipartisan Student Loan Certainty Act will tie all federal student loan rates to reflect current market and employment conditions.

In addition, student loan rates will be capped. The rates can never exceed 8.25 percent for undergrads which represent 80 percent of all student loans. The cap for graduate school loans is 9.5 percent.

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