Dems plan to cut rates on college loans

By NANCY ZUCKERBROD, AP Education Writer
Tue Dec 12, 9:27 PM ET

Democrats say they are putting education reform at the top of their to-do list as they prepare to take control of Congress.

However, they have not spelled out what the math will look like.

Democrats say they will use their new authority in the House and Senate to slash interest rates on need-based college loans in half — from 6.8 percent to 3.4 percent.

"That will be done almost immediately, certainly within the first couple of weeks of the new session," California Democratic Rep. George Miller (news, bio, voting record), the incoming chairman of the House education committee, said in an interview.