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I see that the Senate has just passed a bill regarding student loans and Pell Grants. Brief articles are available all over the web but here is a link to the story on CNN Money:

http://tinyurl.com/yscove

"The bill includes a temporary reduction in student loan borrower interest rates and a phased-in, $1,090 increase in the annual maximum Pell Grant to $5, 400 a year.

Monthly loan payments would be capped for many guaranteed student loan borrowers at 15% of income, borrowers taking jobs in public service would see their loans forgiven after 10 years, and all guaranteed student loan borrowers could see their debts forgiven after 25 years."


I realize that this bill needs to get past the President yet, but I am wanting details about the exact provisions in this bill (specifically how the decrease in the interest rates is going to work) as I am in grad school now and taking out LOTS of expensive loans. But I can't find any specific details in any of the articles I've googled.

Does anyone know the details contained in this bill or a website that might be helpful to find this info out?

Thanks!
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