WASHINGTON D.D. (WTVB) - If you have sons or daughters in college up to their who know what in debt, you need to know that the U.S. Senate voted 81 to 18 last night to approve new rates for student loans that will set the rates low this fall, but link future rates to the financial markets. That means incoming freshmen will pay 3.86 percent for loans taken out this fall. It is also retroactive back to July 1st.
Michigan Senator Debbie Stabenow voted against the bill, saying by the time that freshmen graduates, those rates could double or worse.