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Students relieved with deal to restore lower loan rates

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WASHINGTON – Students heading off to college in a few weeks can breathe a small sigh of relief Thursday.

A group of senators reached a deal to restore lower interest rates on student loans.

The plan would offer undergraduate students a 3.85 percent interest rate.

Graduate student loans are a bit higher at 5.4 percent.

Those lower interest rates will be effective through the 2015 academic year but rates could spike again after that.

A vote on that agreement could happen as early as Thursday but it could also be pushed into next week.