U.S. Senate passes bill lowering student loan rates

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The U.S. Senate approves a bipartisan deal that ensures lower interest rates on loans for college students.  The measure, approved by a 81 to 18 vote, lowers interest rates for undergraduates taking out graduate loans for college to 3.86%, much cheaper than the 6.8% interest rate that kicked in on July 1. The new interest rate is retroactive and apply to student loans taken out after July 1.

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