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UPDATE: President Obama signs student loan bill into law


MGN Online

WASHINGTON (AP) - 5pm Update:

President Barack Obama has signed into law a bill to restore lower interest rates on loans for millions of students heading back to college this fall.

Friday's Oval Office ceremony caps a frenzy of negotiations that led to a rare bipartisan compromise to lower rates before classes resume.

The new law links student loan interest rates to the financial markets. It restores lower rates this fall but could yield higher costs if the economy improves in the years ahead.

Original story:

President Barack Obama is scheduled to sign a bipartisan compromise on student loans today.

At a 3.9 percent interest rate, the average undergraduate is expected to save $1,500 over the life of a loan taken out this year.

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