With tuition rates spiraling higher and higher, college students and their parents finally are getting some good news: Interest rates on college loans are going down.

Interest rates soon will be the lowest they have ever been, and that could save borrowers hundreds to thousands of dollars over time.

The interest rate on Stafford loans, which are open to all students, is expected to fall to 3.42 percent from 4.06 percent, the lowest since the program began in 1965. The government will pay the interest for financially needy students while they are in school.

In addition, the Parent Loan for Undergraduate Students will likely fall to 4.22 percent from 4.86 percent.

The rates are even lower for those who consolidate loans. They could be as low as 3.5 percent, down from 4.13 percent. On $25,000, that could save as much as $2,000 over 20 years or about $8 a month.

The lower interest rates also will help those students who, because of the tight job market, are opting to stay in school and get advanced degrees.

Steve and Cokie Roberts, in their column on this page today, report that law schools are swamped with applications. American University, for example, received 9,800 applications for 400 openings. In Topeka, Washburn University reports applications are up about 70 percent.