Senate Fails to Keep Student Loan Rates Low

Wednesday, 10 Jul 2013 01:24 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

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.

Few students so far have been affected because few sign their loans during the summer. But roughly a quarter of all federal lending is through the program and the new rates could affect millions of students.

© Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Brent Bozell: Media Refuses to Cover Easter as Religious Holiday

Thursday, 17 Apr 2014 21:45 PM

Media outlets are largely ignoring the religious side of holidays such as Easter and Christmas, says Media Research Cent . . .

High-Tech Surveillance System Blankets Boston For Marathon

Thursday, 17 Apr 2014 20:18 PM

A high-tech surveillance system consisting of cameras connected to a network that uses a form of artificial intelligence . . .

Researcher: Total Parental Involvement Can Hinder Kids' Education

Thursday, 17 Apr 2014 20:07 PM

Most parents believe the more they are involved in their children's education, the better they will do in school. Keith  . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved