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President likely to sign student loan bill
WASHINGTON, D.C. (NEWSCHANNEL 3) - President Obama is expected to sign a bill to slash student loan rates for millions across the country Thursday.
The House passed the legislation Wednesday night.
It drops rates from 6.8 percent down to 3.9 percent for undergraduates.
This comes after rates doubled on July 1st.
The new plan ties loan rates to financial markets so they would rise as the economy improves. It also limits how high they can go.