46°F
weather icon Clear
Las Vegas, NV
Nation and World

Senate fails to keep student loan rates low

In this July 8, 2013, photo, with a backdrop of college students on the step of the House of Representatives, Speaker of the House John Boehner, R-Ohio, center, and GOP leaders talk about the politics of federal student loan rates which doubled on July 1, at the Capitol in Washington.
Senate Appropriations Committee Chair Sen. Barbara Mikulski, D-Md. rides an escalator on Capitol in Washington, Wednesday as senators rushed to the floor for a vote to end debate on the Democrats' plan to restore lower interest rates on student loans one week after Congress' inaction caused those rates to double.
Senate Finance Committee Chairman Sen. Max Baucus, D-Mont., left, and Sen. Bill Nelson, D-Fla., right, join other senators in the rush to the Senate floor on Capitol in Washington, Wednesday for a vote to end debate on the Democrats' plan to restore lower interest rates on student loans.
Senate Minority Leader Mitch McConnell of Ky. right, accompanied by Sen. Lamar Alexander, R-Tenn., gestures as he speaks with reporters on Capitol in Washington, Tuesday about student loan rates.
Senate Majority Leader Harry Reid, D-Nev., speaks with reporters about student loan rates following a Democratic strategy session at the Capitol in Washington, Tuesday.
More Stories
Shenna McClean lays flowers at a memorial at Sydney's Bondi Beach, Monday, Dec. 15, 2025, ...
Father and son gunmen kill at least 15 people in attack on Hanukkah celebration on Sydney’s Bondi Beach
Police vehicles rest in intersections in a neighborhood near Brown University, Sunday, Dec. 14, ...
Authorities to release person of interest detained in Brown University shooting
Emergency personnel gather on Waterman Street at Brown University in Providence, R.I., on Satur ...
At least 2 killed, 8 injured in shooting at Brown University in Rhode Island
Defense Secretary Pete Hegseth speaks during the unveiling of the sign for the site of U.S. Spa ...
2 US service members, American civilian killed in ambush in Syria
By PHILIP ELLIOTT THE ASSOCIATED PRESS
July 10, 2013 - 1:19 pm
 

WASHINGTON — 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.

MOST READ
Don't miss the big stories. Like us on Facebook.
THE LATEST
Police vehicles rest in intersections in a neighborhood near Brown University, Sunday, Dec. 14, ...
Authorities to release person of interest detained in Brown University shooting
By Kimberlee Kruesi and Jennifer McDermott Associated Press

A person of interest was in custody Sunday after a shooting during final exams at Brown University that killed two students and wounded nine others, though key questions remained unanswered nearly 24 hours after the attack.

Emergency personnel gather on Waterman Street at Brown University in Providence, R.I., on Satur ...
At least 2 killed, 8 injured in shooting at Brown University in Rhode Island
By Kimberlee Kruesi, Jennifer McDermott and Alanna Durkin Richer Associated Press

A shooting in the engineering building at Brown University left at least two people dead and eight critically injured Saturday, Providence’s mayor said, as authorities searched for a suspect.

In-N-Out Burger is opening 3 new restaurants in Tennessee.
Legendary West Coast burger chain just opened its first eastern US restaurants
By Mandi Jacewicz Parade.com

In-N-Out fans in the eastern United States finally have something to celebrate. After years of hoping the iconic West Coast chain would expand beyond its core territory, the company has officially opened its first restaurants east of the Mississippi.

MORE STORIES