Senate Fails To Agree On Student Loan Rate Freeze

Source: Rosalind S. Helderman / The Washington Post

The U.S. Senate held two votes Thursday on measures to ensure that student loan rates for millions of college students do not double in July — and at the conclusion of the legislative action, the issue remained exactly where it began: stuck.

The measures, one offered by Democrats and the other by Republicans, each failed to reach the 60-vote threshold necessary to move forward, as the parties remain at loggerheads over how to pay for the $6 billion loan subsidy.

If they cannot resolve the dispute, loan rates will rise from 3.4 to 6.8 percent on July 1, increasing the cost of college for 7 million students.

Leaders in both parties have said they want to freeze rates for another year. President Obama has barnstormed college campuses arguing for lowered rates. Mitt Romney, the presumptive Republican presidential nominee, has said he agrees Congress should extend the lower rates.

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