$125-Billion Higher Education Bill OKd

The Senate gave final approval to a five-year extension of higher education programs that lowers interest rates for student loans and raises grant levels. The bill, painstakingly negotiated over the last 18 months, was approved, 96 to 0, after the House passed the measure the day before. A key provision of the $125-billion higher education bill is a compromise aimed at cutting interest rates for students, as initially approved by Congress five years ago, while keeping commercial lenders from dropping out of the program because they regard the rates as too low.