New federal student loan interest rate 2010

On July 1, 2010, the interest rate for subsidized federal student loans dropped to 3.4%. This is third year in a row it has dropped.
It is required drop by College Cost Reduction and Access Act of 2007. On September 27, 2007 College Cost Reduction and Access Act was signed into law.

College Cost Reduction and Access Act:

• Strengthen the Middle Class by Making College More Affordable
• Increase the Purchasing Power of the Pell Grant Scholarship
• Ensure a Highly Qualified Teacher in Every Classroom
• Encourage and Reward Public Service
• Encourage Philanthropic Participation in College Retention and Financing

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