Senate lowers student loan rates, for now

(WTVM) - Even with a deal to reduce student loan rates, experts say college students need to keep a close eye on their debt.

On Wednesday, the Senate passed a bill to lower rates which doubled on July 1st.

But, the reduction is temporary. In future years they could fluctuate.

Thomas Harris Jr., Alabama State University financial aid director, has some advice for students.

"Borrow what you need. We try to make sure that students assess their situation and understand the cost that they have to pay to go to school, what they need. Assess those book costs, those other things that contribute to the cost of attendance," says Harris.

The bill does not apply to loans that students get from private lenders.

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