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US Senate Passes Plan to Lower Student Interest Rates

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The US Senate today passed a bipartisan plan to lower student interest rates by a vote of 81 to 18. Both of Indiana's US Senators, Dan Coats and Joe Donnelly voted in favor of the proposal, which Senator Coats says is market-based and will allow students to take advantage of low interest rates while protecting taxpayers. Senator Donnelly says the proposal reduces rates on all student loans, not just subsidized Stafford loans, while putting in place a cap on how high the rates can grow.
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