Senate Vote on Stafford Fails Again, Students Sick of Political Posturing and Demand Action

Washington D.C. — Today, the U.S. Senate failed to pass dueling versions of legislation that would prevent the interest rate on Stafford student loans from doubling on July 1.  The Democratic version would pay for the extension of the current interest rate by closing a corporate tax loophole that allows wealthy individuals to pay less in Social Security and Medicare taxes. The Republican version, on the other hand, would recklessly eliminate a fund created by the Affordable Care Act that covers preventive care.

The votes were mostly along party lines with the Republican bill failing 62-34 and the support for the Democratic bill only reaching a 51-43 margin.  Each came up short of the 60 votes needed to pass. 

Anne Johnson, the Director of Campus Progress, released the following statement:

We are pleased to see the Senate is working on preventing the interest rate on Stafford student loans from doubling this summer, but time is running out. American students and their families can’t afford to wait any longer for Republicans to come to the table with a serious solution.  What we saw in the Senate today was a false choice.  American families should not have to choose between access to a college education and quality healthcare.

Congress must work to implement a real solution. College students, young people, and families across the country will continue to keep up the pressure by telling their members of Congress why keeping the interest rate low on Stafford loans is so important.  

Just over a month remains before the rate doubles and more than 7 million students see the cost of Higher Education go up.  Congress must not let that happen.

CONTACT:
Abraham White
(202) 478-6321
awhite@americanprogress.org