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Congress Closer to a Deal on Student Loan Rates

College students may soon be able to get better rates on loans.

A bipartisan group of senators reached a deal Wednesday to lower student loan interest rates through the 2015 academic year. 

Interest rates would be linked to financial markets, but would never climb higher than 8.5% for undergraduate students, and 9.5% for graduate students.

At Binghamton University, staff say more than 70% of students use student loans.

"The hope is this will affect career choices, education choices.  My hope is that paying less will allow them to buy a new house they dream about, those kinds of things," said Dennis Chavez, Financial Aid Director at BU.

A vote on the agreement is expected by next week.

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