House Passes Bill to Halve Interest Rate on Federal Student Loans

By a vote of 356-71, the U.S. House of Representatives passed a bill last week that would halve the interest rate on federally subsidized student loans over a five-year period.

The bill (HR 5), the fifth of six that Democratic leaders have promised to take up during the first 100 hours of the new Congress, now heads to the Senate.

Sen. Edward M. Kennedy, Democrat of Massachusetts, the chairman of that chamber's education committee, has indicated he plans to wrap the