House Votes to Halve Interest Rates on Student Loans

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Maybe they heard stories of people like the University of Iowa student who's signing up for the National Guard in part because military service will help him pay off his loans, or the Boston University student whose studies were delayed by a trip to the Marine Corps and then Iraq—all to help him pay for college. The bill passed by the House of Representatives yesterday, which calls for bringing interest rates on federal student loans down to about 3.4 percent over five years (from 6.8 percent today), would cost an estimated $6 billion, the Associated Press reports.