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Congress signs bill to reduce student loan interest rates

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The possibility of lower interest rates on student loans has college students in our area excited.

On Wednesday, Congress signed a bill that will reduce student loan interest rates. This comes after interest rates on student loans automatically doubled, to over 6 percent on July 1st, because Congress failed to meet the deadline to prevent the rate increase.

Students across the nation will likely pay a reduced interest rate of 3.8 percent on student loans for the upcoming school year, if it is signed by President Obama.

Financial advisor Glenn Cunningham, in Amarillo, says the rate reduction will help many students in our area who are struggling to pay the increasing cost of college tuition.

"Almost all students are going to have some kind of student loan debt. It's just the way things are working these days. Again, because the cost of attendance, the cost of going to college is so high," he said.

The President is expected to sign this bill into law in the near future, which will help reduce new student loan rates for the next year.

Colleen Nelson - NewsChannel 10.

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