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President expected to sign college loan rate bill
WASHINGTON, D.C. (NEWSCHANNEL 3) - College students will soon start paying lower interest rates on their school loans.
President Obama is expected to sign a bi-partisan bill that will lower interest rates for undergrads to 3.9 percent though the rate is tied to the financial markets.
White House officials say the plan will save millions of students an average of $1,500 on loans they take out this school year.
The House gave the bill final approval after a drawn-out process to reach a compromise in the Senate.