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Senate shoots down Stabenow student loans bill

by
The Free Application for Federal Student Aid form.
The Free Application for Federal Student Aid form.

WASHINGTON, DC (WKZO) -- Republicans in the U.S. Senate have blocked legislation co-sponsored by Michigan Senator Debbie Stabenow to hold down interest rates on federally-backed student loans.

A procedural Senate vote to move forward on the possible solution fell short of a 60-vote threshold, with the tally being 51-49.  Interest rates for roughly seven-million student loans doubled on July 1st to 6.8-percent.

The student loan problem can be fixed retroactively, but not unless Senate Democrats and House Republicans agree on a solution.

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