Where is Senate Democrats’ plan to stop student loan rates from doubling?
WASHINGTON, D.C. | June 27, 2013 -
In the debate over student loan interest rates, there’s one major thing missing: Senate action. As a new video points out, the House of Representatives is the only chamber that has passed legislation to prevent student loan interest rates from doubling on July 1st:
The House Republican plan, which is similar to a proposal put forth by President Obama, ties interest rates to the market and provides a long-term solution for students and families, taking politicians out of the business of setting rates.
Several editorial boards have supported the House’s market-based solution, including the Washington Post, which wrote, “There’s no reason to delay passing such a policy.”
In last week’s Republican address, House Education and the Workforce Chairman John Kline (R-MN) expressed his shock at Senate Democrats' inaction saying, “If I didn’t know any better, I would say they are content to let rates double.”
If the Senate fails to act, rates on new subsidized Stafford Loans will double in less than a week. House Republicans have acted. Why won’t Democrats in the Senate do the same?