Efforts to keep interest rates on new student loans from doubling appeared to be falling apart Wednesday as the Democratic leader of the Senate declared a bipartisan proposal unacceptable.
With just days to spare before a July 1 deadline sends subsidized Stafford loan rates up from 3.4 percent to 6.8 percent, a group of senators from both parties announced a plan that would link interest rates on new federally backed loans to the financial markets. The deal would avert a costly rate hike for now but could spell higher rates in coming years.
The proposal seemed to stall even before it had a chance to be considered.
Martin Ekdahl @martinekdahlIBET @IBETLVMCGMTJMK
So, those evil Senate Democrats stopped those kind-hearted folks from the GOP House from lowering student loan... fb.me/PKoL4XSmPatrick J. Runcie @macandlinuxuser
Harry Reid blocks deal on student-loan interest rates bit.ly/151ktoRJoe Dunn @JoeDunn8Brad Marston @BradMarstonMad Voter in MN CD 6 @MadVoterInMNFrank Vespa @FrankVespa1Rep. Kristi Noem @RepKristiNoemPaul B Atkins @Maximus0806
Harry Reid blocks deal on student-loan interest rates | The Daily Caller dailycaller.com/2013/06/26/har…Rich King @Buckyworks