Stafford Interest Cut Gets Bipartisan Support

But House bill doesn't settle larger debate on college affordability.

Following through on a campaign promise to alleviate mounting student debt, Democratic leaders in the House of Representatives last week pushed through a proposal that would cut interest rates on some federal higher education loans for a limited period of time.

The measure, part of a package of bills championed by the new Democratic majority during its first 100 legislative hours, would gradually reduce the current 6.8 percent annual interest rate on new, federally subsidized Stafford loans for undergraduates over the next five years, to 3.4 percent by July 1, 2011.

Despite White House opposition to the bill, it garnered support from 124 Republicans and every Democrat,...