Senators hope for student loan deal soon as rate doubles
July 10th, 2013
06:00 PM ET
1 year 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. Jay

    "Doesn't the Repub. Party CLAIM to support the American Dream ? Oh hell, just borrow the $ from Poppie or your Trust Fund."

    Comments like this are just absurd, naive, maybe worse. Take the partisan bias out of it and what do you have? College tuition is rising at a troublesome rate, due in no small part to the availability of student loans. People are also showing little hesitation these days at taking out tens if not hundreds of thousands of dollars in loans that they will never be able to repay. Fewer student loans should help the cost of college, as well as helping prevent likely defaults. Students need to – in large part – stop using student loans and either pay for school or attend a school they can afford. This is also saving the government money they (we) simply do not have.

    July 10, 2013 02:22 pm at 2:22 pm |
  2. MODU

    It's a sad irony that many of the people on here complaining about the GOP for the latest Senate bill (to lower the interest rates for college students) to fail are uneducated about the issue itself. Take a moment to read up as to WHY this particular bill failed before posting. It didn't "fix" the problem. There is already a bill that includes the Presidents proposal that has passed the House that Harry Reid won't bring to the floor for a vote. This bill "fixes" the problem. Don't be ignorant and blame the GOP. Blame Harry Reid!

    July 10, 2013 02:22 pm at 2:22 pm |
  3. Dean

    A college education is not a right. It's like buying an expensive automobile...you can either afford it, or you can't.

    July 10, 2013 02:23 pm at 2:23 pm |
  4. Data Driven

    @Matt,

    That idiot would be James Madison, who wrote most of the rules for Congress. In fairness to Madison, the filibuster rule was strengthened in 1975 to the point where the practice is abused. To change Senate rules, specifically, to weaken the power of the filibuster, Senators have to meet on the first week of a new session to vote, I think. A simple majority would suffice, but Senators call the filibuster the "soul of the Senate". They like it, regardless of party. They like not doing stuff.

    July 10, 2013 02:23 pm at 2:23 pm |
  5. Dominican mama 4 Obama

    They like not doing stuff.
    -------------------------------------------------
    ...And getting paid for not doing stuff. And we keep re-electing them so that they can get back in there and....NOT do stuff.
    Seems to me most of these guys we have in congress are living for the next vacation, recess, weekend.
    But we digress.....

    July 10, 2013 02:28 pm at 2:28 pm |
  6. sonny chapman

    Hey Jay/Anonymous, when the Airline Industry felt the effects of Sequester, the Party of Personal Responsibility came to their rescue pronto. Don't spout your Patriotic Hypocrisy w/out being expecting to be called out even if it makes you feel Noble.

    July 10, 2013 02:31 pm at 2:31 pm |
  7. joan

    Funny, when the air traffic cuts started making planes slow down. IT was Fixed fast! But when school loans come up? its ignored? Shame on you all! xo

    July 10, 2013 02:33 pm at 2:33 pm |
  8. just sayin

    the government needs to get out of the student loan business. all this is is a way to curry votes. a way to bribe young useful idiots into voting for incompetents like obama. this huge pool of money is what has driven up college costs. more government loan money, a bigger college cost sponge to soak it all up.

    of course if all of these unemployed young fools had a clue or knew how to do math, they would have known they shouldn't have taken out all these loans especially with obama wrecking any sort of econimic recovery.

    all of this is just more failed liberal policies.... first it was houses for those that couldn't afford them. now it is college loans for those that can't afford to repay them. and when the bubble burst and financial institutions crash, the leftists will blame everybody else but themselves, as usual.

    July 10, 2013 02:34 pm at 2:34 pm |
  9. Miles

    Didn't the Affordable Care Act abolish private loans and in so doing nationalize the student loan industry? That point is conspicuously absent from these discussions.

    July 10, 2013 02:35 pm at 2:35 pm |
  10. Sopie Meyer

    Who exactly are republicans representing these days? Good lord people, what does it take to make you realize that the republicans are not working in the nations best interests?

    July 10, 2013 02:35 pm at 2:35 pm |
  11. kevinmshaffer

    These are only SUBSIDIZED loans, the normal unsubsidized loans have been at 6.8% already. Claiming this is a "doubling of student loan interest rates" is just absurd.

    July 10, 2013 02:36 pm at 2:36 pm |
  12. lerianis

    This is insanity. Why are the Republicans blocking something that numerous people on both sides of the political table say would be good for America?

    I've come to the conclusion that unless you make over 1 million dollars a year, the Republicans are saying "Go off and die, loser!"

    July 10, 2013 02:38 pm at 2:38 pm |
  13. Mark

    You borrow money to go to college, you pay it back, plain and simple. If you can't afford to go to a certain college, then chose another or start out with a junior college. I started out at a junior college and then went to a full college and worked parttime, but no student loans. It seems like we've become the whine generation, everyone spouting off that it's not fair. Life sometimes is not fair, so you use your brain to deal with it.

    July 10, 2013 02:39 pm at 2:39 pm |
  14. just sayin

    Sopie Meyer
    Who exactly are republicans representing these days?
    --

    american taxpayers. you know, the ones paying the bills that keep this country running. this may come as a shock to some of you leftists, but taking care of my family comes first. government taxes already takes away half of what i make. the more the government takes, the less my family gets.

    is this so difficult for you to understand? i do not wish to become a government dependent. but sooner or later, you will take so much from me and my family, that we will have no other choice. but i will fight you every step of the way until that happens.

    July 10, 2013 02:43 pm at 2:43 pm |
  15. CosmicC

    @bible thumper – college may not be for everyone, but those who don't have some form of post-secondary education will have no choice but to work at Walmart. Meaningful participation in the economy should not be limited to those who can afford an education.

    July 10, 2013 02:44 pm at 2:44 pm |
  16. Steveo

    Large schools make millions from sports. Use some of that!
    Community College
    Trade Schools
    The military (GI Bill)

    There are plenty of options!

    July 10, 2013 02:44 pm at 2:44 pm |
  17. Mark

    To Just Sayin, don't blame Obama or Congress. The housing and student loan problems developed long before. People feel almost entitled to own a home or go to college, but give no thought as to how they're actually going to pay for it. You had stated income home loans, where the borrowers stated salaries they knew weren't true just to get the loan. They figured they worry about how they were actually gong to pay the loan back later. Well unfortunately "later" came when the real estate market crashed. Bottom line, a loan is a loan and if you know you can't afford the payments, find an alternative, i.e. either rent, buy a cheaper home or look for a cheaper college.

    July 10, 2013 02:45 pm at 2:45 pm |
  18. Sniffit

    "That idiot would be James Madison, who wrote most of the rules for Congress. In fairness to Madison, the filibuster rule was strengthened in 1975 to the point where the practice is abused."

    There is no filibuster in the Constitution. NONE.

    July 10, 2013 02:46 pm at 2:46 pm |
  19. joe

    We are making it very selective who can attend college, this is very sad. It is also creating a generation that is hesitant to have children, take on mortgages, and resort back to the old style of Mufti-generational extended families living together. Our education system is a joke, its overpriced, and the quality sucks. I just cant wait until this bubble burst and everything goes to hell. I love how Brazil reverts a 9 cent bus fare but are country is filled with a bunch of sissy's who are too afraid to revert an interest rate that will cost future students and our kids an extra 40,000 dollars on top of their loans. If your parents paid for your school or you were born with a silver spoon in your mouth. Don't even respond to this post unless you respect the movement and understand the problem that is current in millions of young college kids today.

    July 10, 2013 02:46 pm at 2:46 pm |
  20. Data Driven

    @Miles,

    No, Obamacare didn't abolish private loans. I saw a bank on my way to work today; without loans, no bank; ergo, Obamacare didn't abolish private loans.

    Who do you people LISTEN to? Alex Jones?

    July 10, 2013 02:46 pm at 2:46 pm |
  21. bozo

    never underestimate the Republican's grabbing every chance to stick it to the kids.. and protect their corporate masters!

    July 10, 2013 02:48 pm at 2:48 pm |
  22. CosmicC

    @Mark – I graduated college in 1981 with about $4 in debt, which took 5 years to pay off. The same education with the same funding ratios today would put me in debt for about 10 times that (realistically with today's funding formulas it would probably be much more). My parents struggled to help me. Fortunately for my kids, we were able to fund their educations. They will get out without a mountain of debt, but many of their friends are not so lucky. What happened to equal opportunity?

    July 10, 2013 02:48 pm at 2:48 pm |
  23. mhughesisawesome

    Congress has jacked around with student loan rates for years. The current cut was part of a temporary fix put in place back in 2007-2008, as part of Dem's election platform. It was only meant to be in place for 4 years. It's now a political point machine, being trotted out with dire warnings of what happens if it's not extended.

    This rate was never meant to be permanent, and there's an awful lot of people with very short-term memories out there ... including the Dems who knew it was a temporary solution from the start. I thought a college education was meant to help people think and learn how to research, independent of what mass media and politically-driven propaganda puts out there.

    July 10, 2013 02:49 pm at 2:49 pm |
  24. JIMBO

    According to the Dept of Ed: 2011 tuition costs for public 4-year institution for one year is $13,500. Private institutions are from $23K up. With skyrocketing tuition costs it is unreasonible to tell students not to take out loans and pay for the tuition costs themselves. The average 18 year old does not have 18k or more to drop on college. Instead of blaming students for allowing themselves to get in over their head with dept, why don't we fix a system that is making college un-affordable to the average student?

    July 10, 2013 02:50 pm at 2:50 pm |
  25. Data Driven

    @Sniffit,

    That's interesting - isn't there some kind of rule IN the Senate, though, that provides for a filibuster?

    July 10, 2013 02:54 pm at 2:54 pm |
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