07/10/2013 // West Palm Beach , Florida, US // JusticeNewsFlash // Justice News Flash // (press release)
Washington – A student loan bill aimed at keeping interest rates low was defeated in the Senate on Wednesday. As reported by the Associated Press (AP), fresh negotiations are expected to resume as lawmakers attempt to prevent the doubling of the 3.4 percent interest rate prior to students returning to campuses next month.
Further failed negotiations could lead to a increase in interest rates on subsidized Stafford loans to 6.8 percent, which on average could mean an additional $2,600 for students who will soon be returning to school, according to Congress’ Joint Economic Committee.
Sen. Tom Udall, D-N.M. is quoted by the AP as stating of the 51-49 vote, which lacked nine votes needed to move forward, “Today our nation’s students once again wait in vain for relief…They expected more of us and I share their disappointment.”
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