Go back

House approves bill to stabilize student-loan rate

January 29, 2002

The U.S. House of Representatives gave its approval on Thursday, Jan. 24, to S-1762, a bill approved by the U.S. Senate in December. If signed by President Bush as expected, the legislation will change the interest rate charged to borrowers of student loans from a variable rate based on market conditions to a fixed rate of 6.8 percent. Currently, lenders can charge up to 8.25 percent. The bill will go into effect July 1, 2006.

January 29, 2002

The U.S. House of Representatives gave its approval on Thursday, Jan. 24, to S-1762, a bill approved by the U.S. Senate in December. If signed by President Bush as expected, the legislation will change the interest rate charged to borrowers of student loans from a variable rate based on market conditions to a fixed rate of 6.8 percent. Currently, lenders can charge up to 8.25 percent. The bill will go into effect July 1, 2006.