US Senate passes compromise student loan bill - WCAX.COM Local Vermont News, Weather and Sports-

US Senate passes compromise student loan bill

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WASHINGTON -

The U.S. Senate has approved the compromise student loan legislation that will lower rates for students this fall.

The vote was 81-18 in favor, with both Vermont senators voting against the bill.

The deal cuts interest rates to less than 4 percent in the short term, which will save current students thousands of dollars. But under the bill, rates are now tied to the financial markets and would rise with improvements in the economy. The bill still needs final approval in the House.

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