Student loan deal headed to President

By WEEK Producer

Student loan deal headed to President

July 31, 2013 Updated Jul 31, 2013 at 9:15 PM CDT

WASHINGTON, D.C. -- A bill reducing student loans rates for all borrowers is heading to the President's desk.

The House overwhelmingly passed the bipartisan Wednesday evening.

This bill reduces the interest rates on student loans to 3.8% and ties the rate to the financial markets.

Meaning interest rates will go up as the economy improves.

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