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Senate Blocks Competing Proposals on Student Loan Interest RatesMay 25, 2012
Associated Press – The Senate rejected separate proposals from Democrats and Republicans on Thursday to keep the interest rate on Stafford Loans from doubling on July 1. The Democratic proposal, which would pay for the expected $6 billion loss in revenue from the lower interest rate (3.4% vs. 6.8%) by raising payroll taxes on upper-income taxpayers, failed to garner the 60 votes needed to proceed. The Republican plan, which would take money from a preventative healthcare plan offering vaccines to children, failed by an even larger margin when 10 Republican senators voted against it. Both sides agree that the interest rate should not double, but are stumbling over the means to pay for it. The cuts were instituted in 2007 through a largely bipartisan vote. For more, read Senate Rejects GOP, Dem Plans on Student Loans.
For more on this issue, read our article in The Huffington Post.
RSC supports keeping the interest rate on the Stafford Loan at 3.4%, but we also work hard to help our students reduce or eliminate their need for student loans. To find out how we can help you, register for one of free financial aid web events. Keep college affordable!