Senators hope for student loan deal soon as rate doubles
July 10th, 2013
06:00 PM ET
9 months ago

Senators hope for student loan deal soon as rate doubles

Washington (CNN) - A Democratic measure to temporarily reverse the doubling of interest rates on millions of government-backed student loans fell short in the U.S. Senate on Wednesday, but there was hope a bipartisan deal would be struck soon to remedy the situation.

"We're trying to find some common ground," said Sen. Richard Durbin of Illinois, the No. 2 Democratic leader who spearheaded fresh talks on the dispute. "We don't have an agreement and I can't say when or if we'll come together."

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Filed under: Education
soundoff (264 Responses)
  1. wpaoli

    Make sure you note who voted "no" on the bill. FYI- they're the same people who vote to give corporations loans at 1% interest. This is absolutely a shame.

    July 10, 2013 01:19 pm at 1:19 pm |
  2. Frank Pall

    They signed an agreement for 6%+ , pay it... no one cut my mortgage rate in half.

    July 10, 2013 01:19 pm at 1:19 pm |
  3. Richard in N.C.

    Why would anybody with a brain vote repub.

    July 10, 2013 01:20 pm at 1:20 pm |
  4. scott

    Jim

    GOP strikes again!

    July 10, 2013 01:14 pm at 1:14 pm |
    __________________________________
    Don't blame the Repubs for the Democrats mistake, in case you forgot the Dem's control the Senate. DUH

    July 10, 2013 01:20 pm at 1:20 pm |
  5. Fred

    Of course, why wouldn't congress charge more interest to the future of this country for money they haven't even made yet. "Those moochers! Who do they think they are? Trying to better themselves and elevate the educated population of this country. DOUBLE THE RATES!" ~ Congress (I imagine)
    This is exactly why their approval rating is lower than 10%. Morons.

    July 10, 2013 01:21 pm at 1:21 pm |
  6. RV

    Dems only have 56 seats... Wonder if the GOP is blocking another measure to help the people.

    July 10, 2013 01:21 pm at 1:21 pm |
  7. Jimh77

    How much more Anti-American can congress become? What are we waiting for to throw these old geezards out of office and into prison where they belong?

    July 10, 2013 01:21 pm at 1:21 pm |
  8. Harry

    I think the real issue is that our government is just not working for the people anymore. Both the democrats and republicans are the problem.

    July 10, 2013 01:21 pm at 1:21 pm |
  9. Gem

    This is ludicrous! Somehow there's allocated aid for every other country - however, in our own, there's no wiggle room for compromise on lowering school loan rates? It blows my mind! Honestly, beyond ridiculous!!

    July 10, 2013 01:21 pm at 1:21 pm |
  10. kevin

    Paul in NH. The voting for the Senate was setup to try and avoid the tyranny of the bare majority. Because the second most terrifying system imaginable is pure democracy where 50% + 1 person can do whatever they want to everyone else. (the most scary is absolute dictator...but not by much.) That is why we have a constitution and the senate voting rules....and other balance of power rules that seem to cause obstruction, The price that is paid to avoid the flip side dangers that democracy could bring.

    July 10, 2013 01:22 pm at 1:22 pm |
  11. Mike

    And they shouldn't. Tired of people taking loans out and then say, well I can't pay it accordign to terms I agreed upon. Oh goverment just print more money, and help me out on my house loan, or school loan... but wait let's furlough 650,00 government employee's for a 20% pay cut.. to help those that agreed to a contract/loan.. yea that's it..

    July 10, 2013 01:22 pm at 1:22 pm |
  12. TheBlooDred

    I loved that Matt Bors webcomic they had up the other day. It's true: It took boomers like a year to pay off their student loans when they were our age (if they went to state school and had a job – most had one). Now it takes years for the average graduate to do that. Times ARE different. Loan rates need to go down.

    July 10, 2013 01:22 pm at 1:22 pm |
  13. Anonymous

    Republicans don't care about anything but money in their pockets and votes. This setback will put a lot of students either out of school because they can't afford the rates or default on their loans. What does the senate think everyone is made out of? Money?

    July 10, 2013 01:23 pm at 1:23 pm |
  14. jon

    If anyone ever votes Republican again, it will be a miracle. Those guys are the WORST. Can you even imagine what some of the goofy talking righties would do if they actually got elected to an office? Wow. Katy bar the door!

    July 10, 2013 01:23 pm at 1:23 pm |
  15. ryan

    This is all a sham. Student loans not being dischargeable in bankruptcy court, given our economy, is criminal. Never mind interest rates.

    July 10, 2013 01:23 pm at 1:23 pm |
  16. Tom

    This is bad. Studying is already very expensive thus being an obstacle to get all willing and capable American citizens the opportunity for higher education. In European countries, like Germany, university/college education is free. Looks like you folks have to import more graduates from India and China to fill up the ranks. But then please stop complaining about foreigners taking away jobs in the USA.

    July 10, 2013 01:23 pm at 1:23 pm |
  17. Guest

    It's not a fillibuster if they voted on it. The point of a fillibuster is to prevent the vote. Complain about the outcome if you want, but be factually accurate.

    July 10, 2013 01:23 pm at 1:23 pm |
  18. Nathan Kirts

    Look, not all of us have rich parents to give us $100,000 while we're freshmen in college (Mitt Romney). Those of us born without silver spoons have had to work, and often that means loans. Now, America knows you're all deep in the pockets of Wall Street and Big Banking, but you keep pushing hardworking middle class Americans around, and they will turn on you. Americans threw out the last government that sold out the interest of the People for corporate monies. You had better look to your history, or you will be doomed to be on the short end of it.

    July 10, 2013 01:23 pm at 1:23 pm |
  19. JD

    Thank goodness! The Pension Plan modifications (that CNN won't report on) were awful and would have been detrimental to businesses kind enough to still offer pension plans.

    July 10, 2013 01:23 pm at 1:23 pm |
  20. MODU

    All the Senate has to do is bring the House bill up for a vote (which actually "fixes" the problem, not places a 1-2 year bandaid on it). It mirrors that of the Presidents' proposal too. Why Reid continues stick his thumb in the eye of the country is beyond me.

    July 10, 2013 01:23 pm at 1:23 pm |
  21. Laurel Carroll

    Student loans are supposed to be an incentive to better education, thus better our country! So, now we will have less educated people in the nation because they can't afford the loans. Great job for improving our nation, and remaining competitive with other countries! RIDICULOUS!

    July 10, 2013 01:24 pm at 1:24 pm |
  22. susan

    If you take out a huge student loan that you can't afford, then all the education in the world won't help you.

    July 10, 2013 01:24 pm at 1:24 pm |
  23. Ted

    Democratic party controls the Senate. Guess they must be running low on funds...need to pad the coffers a bit more, eh?

    July 10, 2013 01:24 pm at 1:24 pm |
  24. Gurgyl

    College education should be free. It should not be business oriented,

    July 10, 2013 01:24 pm at 1:24 pm |
  25. Viinny

    As a parent of college graduate in 2012, my interest ( Parent Plus loan) as well as my daughter's is at 7.9%. If your going to lower interest , lower it for ALL bowwers, not just the select few!

    July 10, 2013 01:24 pm at 1:24 pm |
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