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. brian in dc

    The Senate is controlled by Democrats.
    The Senate Democrats proposed a plan.
    The Senate Democrats defeated the plan.

    I am sure the media is already portraying this as “Republican Obstructionism.”
    Which may indeed have been the point of the whole farce.

    July 10, 2013 02:55 pm at 2:55 pm |
  2. Politics Above The Law - BAD

    If you want a college education – PAY FOR IT – nobody else wants to pay for it, nor do they have the money! The government has about tapped-out everybody. IT'S THE MARVELOUS ECONOMY – if it gets anymore marvelous bankruptcy will be the order of the day...

    July 10, 2013 02:55 pm at 2:55 pm |
  3. Jeff

    It's time to clean out the House of Representatives that do not act in a manner to move this country forward. Vote to fix this problem now. They are bound and determined to put us in a recession.

    July 10, 2013 02:55 pm at 2:55 pm |
  4. sonny chapman

    P.S.-before the Dems. got involved, the Student Loan "Industry" was political payoff to Repub. Contributors(Banks). So what if some Middle Class kid faced a tougher slog than his fellow Frat Brats.

    July 10, 2013 02:55 pm at 2:55 pm |
  5. Furby

    I am all for helping college students get lower loans but:
    1) Borrow with in your means. You don't need to go to a $40,000/year ivy league school for Journalism.
    2) If you have a trust fund (one of the posters mentioned it) – yea start tapping into that. I don't expect mom/dad to pay for your education (or co-sign a loan) but I do expect you to tap into that trust fund – which is your money.
    3) Not everyone needs to go to college. First, it's not a guaranteed money maker. Second, not everyone is qualified. Third, there are plenty of high paying jobs that do not require an education (electricians making $50-$75/hour, +$100 just to SHOW UP at my house).

    July 10, 2013 02:56 pm at 2:56 pm |
  6. Rdew

    Loans should be 0%. America needs to encourage education.

    July 10, 2013 02:57 pm at 2:57 pm |
  7. Mark

    @CosmicC Not to be facetous, but when was opportunity ever really equal? I never had a student lon, never had a scholarship either. I started out at a junior college and then transfered to a four year state college, Cal State Univ, Fullerton. I worked parttime in the library. No student loans. I may have gone without some things, but I don't recall missing them. Now I see people applying for mortgage loans with unbelievable student loan debt and hope that they found a job that makes all that debt worth it. Me, I wouldn't be able to sleep at night.

    July 10, 2013 02:58 pm at 2:58 pm |
  8. GOPSux

    Well students, you can thank the Repukes when you're $100,000 in debt with no prospects for a job, thanks again to the Repukes.

    July 10, 2013 02:59 pm at 2:59 pm |
  9. dina

    mhughes, let me guess. You thought it was just jim dandy for Bush to waste trillions in Iraq, but think that America's youth should just get used to the idea that some of us can afford college and some cannot. hmm. All those republicans who furiously wave the flag at every opportunity should realize how bad this is for the future of the country when education becomes so limited.

    July 10, 2013 02:59 pm at 2:59 pm |
  10. Dan M

    Why not put the interest rate at the same % as the banks get. It's only fair.

    July 10, 2013 02:59 pm at 2:59 pm |
  11. Stlinden

    I am an almost 44 year old mother of 7 attending college to pursue my degree in Elementary Education. My husband and I earn less that $100,000 each year and I qualify for not federal grants or scholarships. So, my only recourse are student loans. It is a shame that when I graduate in 2015 that I will have over $40,000 in student loans, and have to pay an interest rate so high. It's a shame that student loans interest rates are higher than some credit card and automobile loans. What a way to encourage people to attend college. I hate to see what will happen when my 5 children at home go off to college. And we wonder why college kids are in debt??

    July 10, 2013 03:00 pm at 3:00 pm |
  12. Vijay

    This is what i heard in Young trucks just now... Go and watch it in Y tube. Rep.. loves free market so that their buddies can get richer and richer, leaving students and poor people to hell.

    July 10, 2013 03:01 pm at 3:01 pm |
  13. Thomas

    Education should be affordable .

    If not , you have a class society .

    More prisons, or more affordable colleges ?

    This is about the rip off university corporate graft Lobby , University of Phenix and the other rip off schools that want the rates as high as they can be. They bilk the government out of billions on GI loans each year.

    July 10, 2013 03:02 pm at 3:02 pm |
  14. Name jk. Sfl. GOP conservatives,the garbage of America.

    That's one of many reasons why the republican garbage of America party is going to lose seats in the house and senate and lose all power in Washington, GOP losers!!!!!

    July 10, 2013 03:04 pm at 3:04 pm |
  15. Robert Lemasters

    The new soon to burst economic bubble as bad or worse then the Sub-prime Mortgages Conspiracy created housing bubble ...not needed over populated higher education and associated costs....which like our late great Republic is liken to a soap bubble on a hot summer breeze....POP!

    July 10, 2013 03:04 pm at 3:04 pm |
  16. the next liberal frontier

    It is coming people... The NEW next "right" from the left. The "right" to a "free" college education. Yes, how can you deny every poor little kid a free college education you heartless barbarian?! Every kid, no matter how dumb, will be going and you will be paying for it with the new National Education VAT Tax. So much for the free part.

    Remember, you heard it here first.

    July 10, 2013 03:05 pm at 3:05 pm |
  17. Bryan

    It's amazing how many high and mighty people there are out there that want to blame students.....in reality you are just blaming them for not being independently wealthy but still choosing to try and better themselves....nice. I think there is a bit of a inferiority complex here....a lot of relatively uneducated people looking for a way to attack the educated. Oh well.....no one every said Americans were nice people...in fact, they are pretty much terrible.

    July 10, 2013 03:07 pm at 3:07 pm |
  18. whitepine

    I guess those grown up fetuses wanting an education is not important.

    July 10, 2013 03:07 pm at 3:07 pm |
  19. OCCUPY WALLSTREET FOREVER

    Suck it up.

    The baby boomers need a comfy retirement.

    Gen X and the millenials will pay for it through higher prices on everything. School loan rates are only the beginning.

    July 10, 2013 03:08 pm at 3:08 pm |
  20. Contessa

    We might as well take our cell phones, our computers, our tablets, and all of our technology of the 21st Century, and throw it out into the wind. Close our colleges, and Unversities, Trade Schools, and Technical Schools. And revert back to living like we did in this Country about one hundred years ago!! Rewind our kindergarten-12 grade education to the old country school education that children received back then. Let the loan companies repossess our vehicles, and homes that are mortaged. And pitch a tent somewhere in America, by a stream, lake, or river, so we can "fish" each day in order to eat, or shoot game to eat (the National Rifle Association will LOVE that we will be using guns). Use a candle at nght so we can see in the dark. Our mode of transportation can be a "horse" or a "mule". No use to worry about train or plane crashes. A horse only needs grain for food. And get a "buggy" to transport your family to town and to church. Send your children to school by walking a mile or two, even in the cold, cold winter. And if they get sick, call the family doctor. He will come to your home and visit your sick children, with his mode of transportation being horse and buggy. And this my friends, is the goal of the Republican Party. To simply stop our country from ever advancing in the 21st Century. And you know, they are dong a GREAT job of meeting their goal!

    July 10, 2013 03:09 pm at 3:09 pm |
  21. Vijay

    Thomas most of the state prisons were private, Govt has to pay for these private prisons... More people in prison is good for private owners...

    July 10, 2013 03:10 pm at 3:10 pm |
  22. ?

    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.
    ______________________

    Jay, What are you talking about? The CBO has estimated that the US Goverment is making almost $50 billions dollars off student loans this year if rates do not rise, and add another $21 billion if they do.

    July 10, 2013 03:10 pm at 3:10 pm |
  23. gwats1957

    I want my son to go to College, but I refuse to see him or me buried under a mountain of debt.

    July 10, 2013 03:12 pm at 3:12 pm |
  24. Douglas

    leave it to republicans to give more people more good reasons to vote democratic. I love those know nothins.

    July 10, 2013 03:13 pm at 3:13 pm |
  25. labman57

    Item #327 in "The Handbook of Conservative Ideology":
    – Students who must obtain low-interest federal loans are unworthy of a college education.

    July 10, 2013 03:13 pm at 3:13 pm |
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