Vote solves ongoing student loan dispute

Students loan interest rates drop. / MGN Online

A House vote has put an end to the ongoing dispute over student loan interest rates.

A vote has been passed to tie interest rates to market rates.

This reverses the rate hike that kicked in on July 1st when interest rates doubled.

This new agreement means that all borrowers will get an interest rate break on student loans.

"I am currently in graduate school and I am paying back on loans and it is hard if the interest rates are high, so that definitely helps a lot," said Diana Ossei-Wusu, Albany State University Student.

If rates rise because of the market, interest rates for undergraduate loans will be capped at 8.25 percent.

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