Senate Votes to Raise Student Loan Rates: The Senate today voted 81-18 on Wednesday for a college loan bill that would lead to higher interest rates for students and parents who borrow money for college. The vote came after the Senate rejected an amendment by Sanders to have the bill expire after two years. That’s when the sharpest increases in interest rates are expected to occur. “The idea of passing legislation that in a few years is going to make an already bad situation of student indebtedness even worse is absolutely absurd,” Sanders had said in a floor speech earlier in the day calling for the two-year sunset provision. The vote on the Sanders amendment was 34-65. A member of the Senate education committee, Sanders cited Congressional Budget Office projections that under the Senate-passed bill interest rates would hit 7.25 percent for undergraduate loans in five years. By 2018, graduate loans would go up to 8.8 percent and parents would be charged 9.8 percent on loans for their children to attend college, according to the analysis by the non-partisan agency that provides economic data for Congress. Continue reading here: sanders.senate.gov/newsroom/news/?id=CD54C67D-B0EE-4980-A8A7-4C536FFD3124
Posted on: Wed, 24 Jul 2013 22:59:21 +0000
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