U.S. House Votes to Avert Jump in Student Loan Interest Rate
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By a vote of 221-198, the U.S. House passed legislation that would reset interest rates on federal student loans and avert a scheduled doubling of rates this summer.
The bill, H.R. 1911, would peg new student-loan interest rates to yields on the 10-year Treasury note, meaning that the rates would fluctuate. It would also set maximum caps on those variable rates.