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Senate fails to lower federal student loan rates

MGN Online
Wednesday, July 10, 2013 - 9:24pm

The U.S. Senate failed Wednesday to move forward on a plan to restore lower interest rates on student loans.

The vote was 51 to 49, short of the 60 votes needed to advance the measure. The democratic bill would have held interest rates on subsidized Stafford loans at 3.4% for a year. Rates doubled to 6.8% on July 1.

Negotiations continue on a compromise that would hold off on new loan rates for this year.

 

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