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Senate blocks bills to stop student loan rates doubling
Source: Reuters
Senate blocks bills to stop student loan rates doubling
By Elvina Nawaguna
WASHINGTON | Thu Jun 6, 2013 4:13pm EDT
(Reuters) - The U.S. Senate on Thursday thwarted two rival bills aimed at stopping interest rates on millions of federal student loans doubling in less than a month.
The defeat of the Democrat and Republican bills will likely lead to a partisan showdown ahead of the July 1 deadline. Both sides agree student loan rates shouldn't go up. They remain gridlocked on a way to avert that.
A Republican plan to switch to a market-based interest rate system and a Democratic bill to extend the current lower rates for another two years failed to each garner the 60 votes needed to advance.
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Last year lawmakers agreed to extend a previous rate-increase freeze on student loans for another year. Unless Congress comes to an alternative agreement, interest rates will double to 6.8 percent on July 1, adding an extra $1,000 to borrowers' payments every year.
[font size=1]-snip-[/font]
By Elvina Nawaguna
WASHINGTON | Thu Jun 6, 2013 4:13pm EDT
(Reuters) - The U.S. Senate on Thursday thwarted two rival bills aimed at stopping interest rates on millions of federal student loans doubling in less than a month.
The defeat of the Democrat and Republican bills will likely lead to a partisan showdown ahead of the July 1 deadline. Both sides agree student loan rates shouldn't go up. They remain gridlocked on a way to avert that.
A Republican plan to switch to a market-based interest rate system and a Democratic bill to extend the current lower rates for another two years failed to each garner the 60 votes needed to advance.
[font size=1]-snip-[/font]
Last year lawmakers agreed to extend a previous rate-increase freeze on student loans for another year. Unless Congress comes to an alternative agreement, interest rates will double to 6.8 percent on July 1, adding an extra $1,000 to borrowers' payments every year.
[font size=1]-snip-[/font]
Read more: http://www.reuters.com/article/2013/06/06/us-usa-studentloans-senate-idUSBRE95514V20130606
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