U.S. House passes bill lowering rates of student loans

AP: The U.S. House approved a bill to lower the interest rate of student loans on Wednesday with an overwhelming approval of 392-31. The bill was sent President Obama for his signature

The legislation offers lower rates for students now and higher ones when the economy improves by linking interest rates to financial markets.

The White House has endorsed the bipartisan bill, despite objections from consumer advocates that the proposal will hurt future students 

Photo: People walk on the Columbia University campus on July 1, 2013 in New York City. (Mario Tama / Getty Images file via NBC News)

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