House Passes Bill To Fund Student Loan Rate Freeze Thru ACA

Law360, New York (April 27, 2012, 4:17 PM EDT) -- The U.S. House of Representatives approved a bill Friday that would extend current student loan rates for one year using money from a fund in President Barack Obama's health care reform law, a bill the White House threatened to veto.

By a 215-195 vote, the Republican-controlled House approved the Interest Rate Reduction Act, which would prevent federal student Stafford loan interest rates from doubling from 3.4 percent to 6.8 percent on July 1, 2012.

To pay for it, the bill takes money from the Patient Protection...
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