CORNWALL – New college student loan benefits took effect on Wednesday. These loans were approved by the last Congress and signed by former President Bush, and they were outlined by Congressman John Hall at a Cornwall High School news conference.

It was said by Hall that the law lowers interest rates on college loans.

He further said that  any loan taken out today or later will have an interest rate of 5.6 percent which has been decreased from 6.8%, the rates of college loans was 6.8% in June of last year. Moreover the Hall said that the rates will continue to fall until it is at 3.4 % for loans taken out on July 1, 2011 or later.

The amount of Pell grants for qualifying college students has also been increased by the new law.

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