Last updated 9:08AM ET
October 17, 2017
WOUB Local News
WOUB Local News
College Aid Expands
(2008-07-01)
(WOUB) - Southeast Ohio Congressman Charlie Wilson marked the beginning of the largest college aid expansion in six decades today at Ohio University.

The College Cost Reduction Act took effect today and the interest rate on federal student loans dropped from 6.8 percent to 6.0 percent.

That rate will continue to drop until it reaches 3.4 percent by 2011.

Wilson - a Democrat - says the "new law will boost college financial aid by more then $20 billion over the next five years."

He says the interest rate cut will benefit low and middle income students and families.
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