House passes student loan bill

WASHINGTON, D.C. — The U.S. House of Representatives approved a bill that would lower rates for undergraduates taking out government loans this year.

The bill will lower the rate to below four percent.

That is cheaper than the almost seven percent rate that kicked in on July 1.

This bill affects loans like Stafford Loans and not those taken out through private lenders.

The new rates apply to all loans taken out after July 1, 2013.