From a news release on a new report by PIRG Higher Education Advocate Luke Swarthout:

According to a new report by the U.S. Public Interest Research Group, first year college students starting this fall can expect to save several thousand dollars on their student loans under new interest rate changes beginning on July 1st. The report, Cutting Interest Rates, Lowering Student Debt Updated, finds that average four-year college student starting school in 2008 with subsidized Stafford loans will save about $2,570 over the life of his or her loans. The interest rate changes are the result of the College Cost Reduction and Access Act of 2007, passed last summer and signed into law by the President in September.