House Votes to Halve Student Loan Interest Rates

Good news for the professional student in your life – the guy with the self-created major that involves pottery, sociology, and pop culture to form a degree that, with any luck, will never materialize, allowing said degree-pursuer to remain blissfully in academia without the hassle of teaching or moving out of the dorms.  The new Democratic-led U.S House of Representatives voted to help needy students cover the soaring cost of college by halving student loan interest rates.

Those students who aren’t math or business majors may need this great news explained to them.  Probably in between beer runs.

As Reuters is reporting it, “On a 356-71 vote, the House set aside objections by President George W. Bush’s administration as well as concerns by lenders and passed a bill to cut in half the interest rate on need-based federal student loans over five years to 3.4 percent.”

"This legislation will be a vital first step toward helping lower college costs for millions of low- and middle-income students," said California Democratic Rep. George Miller. He is a chief sponsor of the measure that now goes to the closely divided Democratic-led Senate for an anticipated battle.