The Senate's plan would tie the interest rates on most federal education loans to the market, replacing the current system of having a fixed rate for years on end. For the coming school year, undergraduates could lock in loans with a 3.86 percent interest rate, down from the current 6.8 percent. Graduate students would have a rate of 5.41 percent, down from 6.8 percent. And PLUS loans, which are taken out by graduate students and parents, would have a 6.41 percent rate, down from 7.9 percent.
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