Today at Ohio University, congressman Charlie Wilson introduced a new law that marks the beginning of the largest college aid expansion in 60 years with no new costs to tax payers.. The interest rate on federal student loans will drop from 6.8 percent to 6 percent and will continue to drop until it reaches 3.4 percent in 2011.

Wilson says that The College Cost Reduction and Access Act will help middle class students and their families.

“In general, it's going to make middle class students more opportunity to be able to go to school. Making college more affordable is one of the things that really needs to be done so that students aren't paying their loans off in their late 40's"

Once fully phased in, the interest rate cut will save the typical student borrower an average of $4,400 over the life of the loan.