The Senate had a big test this morning, and it flunked. Senate Republicans blocked a vote on the Reed-Harkin Student Loan Affordability Act -- legislation that would freeze federal Stafford student loan interest rates at 3.4% before the big July 1st deadline. Let me just make it clear: This wasn’t my own bill to help students more by lowering interest rates to 0.75%, the same rate the banks pay. This was a bill that would simply extend the current 3.4% rate for two more years. We need to double the effort from people across the country to get the Bank on Students Loan Fairness Act through the Senate before interest rates double on July 1st. Now the Republicans tried to pass their own student loans bill just before the Reed-Harkin vote. Their bill would help the government make even bigger profits off of student loans.
Posted on: Thu, 06 Jun 2013 23:12:23 +0000
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