House of representatives votes to cut student loan rate.

The good news is that the House passed a bill that would reduce the interest rates on federally subsidized Stafford loans. The rates would be cut gradually from the current 6.8% to 3.4% in 2011.

The bad news is that only loans made after June 2007 will be affected by the cuts. Other loans, such as Perkins and Parents Plus loans would not be affected by the rate cuts.

Technorati Tags: Financial Aid Paying for College Stafford Loans College Loans