Political Headlines May 24, 2012: Senates Rejects Both Democratic & Republican Versions of the Bill to Keep Student Loan Rates Low — Dems 51-43 & GOP 34-62




Dueling Student Loan Bills Rejected in Senate


The Senate made one last gesture this month to work on the Student Loan bill, but Democratic and Republican versions both failed in a last-minute, and half-hearted, attempt Thursday before lawmakers leave for a week-long Memorial Day holiday.

The Democratic bill failed by a 51-43 vote. The Republican alternative failed by a 34-62 vote. Both bills needed 60 votes for passage.

Both Republicans and Democrats believe the subsidized Stafford loan rates should not be doubled from the current 3.4 percent to 7.6 percent. Leaders of both parties say the current rates should be extended for at least another year.

But they cannot agree to how to pay for the $6 billion bill….READ MORE

Vote Date Question Result Description
00113 24-May On Passage of the Bill Rejected S. 2343; A bill to amend the Higher Education Act of 1965 to extend the reduced interest rate for Federal Direct Stafford Loans, and for other purposes.
00112 24-May On the Amendment S.Amdt. 2153 Rejected Alexander Amdt. No. 2153; In the nature of a substitute.


Statement by the Press Secretary on Student Loan Interest Rate Votes in the Senate

With only 37 days left to stop student loan interest rates from doubling on July 1, Senate Republicans still have not proven that they’re serious about resolving this problem.  For the second time this month, they voted to ask millions of students to pay an average of $1,000 each rather than close a loophole that allows the very wealthy to avoid paying their fair share.  Now is not the time to refight old political battles, and certainly not the time to cut preventive health care measures.  With only a few days left until student loan interest rates double, it’s time to get this done so hard working students get a fair shot at an affordable education.

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