student loans

8:14 pm
Wed July 10, 2013

Senate Fails to Keep Student Loan Rates Low

WASHINGTON — An effort to restore lower interest rates on student loans has failed in the Senate.

The White House and most Senate Democrats favored restoring interest rates on subsidized Stafford loans to 3.4 percent for another year. But lawmakers on Wednesday were unable to muster the necessary 60 votes to overcome a procedural hurdle.

That left interest rates at 6.8 percent — a rate that leaders from both parties called unacceptable.

Interest rates doubled on July 1 because Congress was unable to send a bill to President Barack Obama for his signature.

Read more
2:15 pm
Fri June 29, 2012

Congress Reaches Agreement on Transportation Bill, Student Loans

The House of Representatives overwhelmingly passed legislation Friday that funds transportation programs and averts an increase in interest rates on loans for college students.

The packaged measure passed by a 373-to-52 vote and avoids a looming deadline that would have doubled Stafford loan rates to 6.8 percent on July 1. The bill also pays for construction of highways, bridges and other projects over the next two years. 

Read more
3:27 pm
Tue April 24, 2012

McConnell Highlights Tough Job Market for College Graduates

File photo

In a push to younger voters, President Barack Obama is touring college campuses this week to discuss the problems of student loan debt. But Senate Minority Leader Mitch McConnell is blaming the president for the poor job market that college graduates enter.

Interest rates for subsidized Stafford Loans are set to double this summer, going from 3.4 percent to 6.8 percent. The White House projects more than 7.5 million students will face steeper debt if lawmakers don't act to freeze the interest rate. Mr. Obama says that should be a higher priority than protecting tax breaks for wealthy Americans.

But in a Senate floor speech, McConnell says the president is too busy pointing fingers and not taking responsibility for the poor economy that students face. "It’s the millionaires. It’s the banks. It’s big oil. It’s the weather. It’s Fox News. It’s anything but him. And it’s absurd. I mean, if you believe that a president who got everything he wanted for two years—two whole years—has nothing to do with the problems we face, then I’ve got a solar panel company to sell you," he says.

Read more