Student Loan Plan Fails in the Senate
The Senate failed Tuesday to advance a bill to keep federally subsidized college student loan rates lower for another year, prolonging debate on an issue that has emerged as an election-year flashpoint.
On a party-line vote, senators voted 52 to 45, short of the 60 votes necessary to proceed to debate on the bill. There is no clear path forward at the moment for lawmakers, who have until July 1 to reauthorize lower rates for roughly 7 million borrowers who could see rates on subsidized student loans jump from 3.4 to 6.8 percent.
Democrats and Republicans agree that the loan rates should remain low, but — as with most noncontroversial issues these days — lawmakers disagree on how to pay for the plan.