Tuesday, May 8

Low Interest Rate Student Loan Bill Blocked by Partisan Move in Senate

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Student loans are scheduled to double on July 1st.

The doubling rate (reaching nearly 7%) will effectively make higher education that much more unattainable to middle & lower middle class students and families.

The bill would cost the American taxpayers $6 billion and would keep student loan interest rates at 3.4 percent for one more year.

The Democrats, who support the bill, proposed paying for the bill by raising Social Security and Medicare payroll taxes on high earning individuals.

Republicans agree that the interest rate needs to remain low and at or around the 3.4% mark but don't feel that this is the way to pay for the bill.

The final vote of 52 to 45 ran down the party lines as the Republicans said no.

Democrats must now find a new way to frame the next Student Loan bill that might be acceptable and stand a chance to move forward before July 1st or risk the American education system slipping further away from the grasp of the average student.

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