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all over again. peter barnes has what the president wants to do differently. good evening, peter. reporter: good evening, bret. the president and the government agrees the government should give kids in college discounts on student loans but they disagree on how much. the bush administration started all of this to encourage more kids to go to college. right now undergrads who can demonstrate financial need can borrow at 3.4%, but without action by congress next month, students will start paying at the old rate, 6.8%, double. the president has proposed a new formula based on market interest rates if it were in effect today, millions of students could borrow at about 3% for new loans. the rate would be fixed for the life of the loan, and the president would let all students with federal student loans cap their monthly payments at 10% of their income when they got a job. republicans ha similar plan. their formula would give a student a 4.5% rate today.