President Obama is expected to sign legislation on Friday that will lower federal student-loan interest rates—for now, at least.
The law, known as the Bipartisan Student Loan Certainty Act of 2013, will allow all undergraduates to borrow at a 3.9-percent interest rate this fall and graduate students to borrow at 5.4 percent, with both rates tied to the 10-year Treasury note.
The new rate for undergraduates is significantly lower than the 6.8-percent level to which the rate on subsidized loans had risen in July, after Congress failed to come to an agreement to keep it from doing so.
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