Interest on College Student Loans
Interest on College Student Loans
On Tuesday, May 8, 2012, the United States Senate failed to reach the 60 votes needed to begin debate on raising student loan interest. Stafford loan interest rates will rise
52 Republicans voted against debating the bill.
45 Democrats voted for debating the bill.
Had the bill been enacted, the 3.4 percent interest rate on subsidized Stafford loans would have prevailed for another year. Those rates will now grow to 6.8 percent on July 1 without congressional action, thanks to a 2007 law that gradually lowered Stafford Loan rates.
Democrats and Republicans differ on how the interest rate retention would be paid for.
Huffington Post
Fox News
On Tuesday, May 8, 2012, the United States Senate failed to reach the 60 votes needed to begin debate on raising student loan interest. Stafford loan interest rates will rise
52 Republicans voted against debating the bill.
45 Democrats voted for debating the bill.
Had the bill been enacted, the 3.4 percent interest rate on subsidized Stafford loans would have prevailed for another year. Those rates will now grow to 6.8 percent on July 1 without congressional action, thanks to a 2007 law that gradually lowered Stafford Loan rates.
Democrats and Republicans differ on how the interest rate retention would be paid for.
Huffington Post
Fox News
Labels: student_loans Stafford_loans
