June 7, 2013
The Senate on Thursday failed to pass two bills that would have blocked increases in federal student loan rates, which are set to double July 1.
The Democrats’ bill would have kept interest rates where they are for the next two years to give Congress more time to negotiate student loans. Total student loan debt in the U.S. is about $1 trillion.
“What we put forward today was a perfectly sensible solution to help address the problem,” said Sen. Patty Murray, D-Wash. According to Murray, the Democratic bill would have protected 7 million college students from rate increases. “It seems like a no-brainer to me, but apparently not to Republicans.”