Sen. Reid discusses student loan bill signed by lawmakers
Photo: Video by ktnv.com
Las Vegas, NV (KTNV) -- College students who take out federal education loans are off the hook for higher interest rates that kicked in a few weeks ago.
President Barack Obama signed a bipartisan bill on Friday that lowers the interest rates for undergraduate student loans, along with about 5 percent of the loans obtained by graduate students.
The bill should save students on average about $1,500 on a new loan.
Action News spoke with Senate Majority Leader Harry Reid about the bipartisan agreement.
"We were able to get a good bill. It's not perfect but it's good. It lowers the rate from 6.8 percent to 3.8 percent and that's pretty good," said Reid.
The new rates apply retroactively to all loans taken out after July 1.