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<p>A bipartisan deal on student loans announced by a group of senators Thursday, July 18, 2013, will help students, but only in the short-term. According to the deal, undergraduates taking out loans this fall will pay just 3.86% in interest on new loans for this school year -- cheaper than the 6.8% interest rate that kicked in on July 1. The new rates would apply for loans taken out after July 1.</p>

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A bipartisan deal on student loans announced by a group of senators Thursday, July 18, 2013, will help students, but only in the short-term. According to the deal, undergraduates taking out loans this fall will pay just 3.86% in interest on new loans for this school year -- cheaper than the 6.8% interest rate that kicked in on July 1. The new rates would apply for loans taken out after July 1.

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Congress OKs cheaper student loans

The House on Wednesday approved a bipartisan that ensures lower interest rates on loans for students heading to college this fall.