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."FULL STORY
(CNN) - Rep. Lynn Jenkins, R-Kansas, faulted Senate Democrats on Saturday for this week's hike in student loan interest rates and urged the upper chamber to pass legislation that resolves the issue as soon as the holiday recess ends.
"For too long, politicians have been in charge of setting these rates, and we keep coming back to cliffs and deadlines like this one," Jenkins said in the GOP weekly address. "Paying for college is difficult enough without all this uncertainty. I have two kids in college, I know how hard it can be."
Washington (CNNMoney) - It's crunch time for students who rely on subsidized government loans - interest rates on them double to 6.8% on July 1.
Only Congress can hold the rates down, and so far it's not looking good. Washington lawmakers aren't close to agreeing on any deal to save the 7 million college students who are taking the subsidized Stafford loans this year.FULL STORY
(CNN) – With about a week to go before interest rates jump on certain types of student loans, Republicans are again calling on the White House and Senate Democrats to approve a plan that would avert the spike.
On July 1, rates will almost double on nonsubsidized Stafford loans given to college undergraduates unless Congress works to avoid the jump. Obama has applied pressure on Republicans to adopt his own plan to avoid the rate increase, but Republicans argue Obama basically agrees with their approach, which would tie the student loan rate to economic factors instead of leaving it up to Congress.
(CNN) - A Senate committee voted this week to move forward with a Democratic-backed education plan, but Republicans argue the proposal forces the country's school systems to further rely on the federal government.
"Over the last decade, the United States Department of Education has become so congested with federal mandates that it has actually become, in effect, a national school board," Sen. Lamar Alexander, R-Tennessee, said Saturday in the GOP weekly address.
Washington (CNNMoney) – Brandon Anderson's student loan will get costlier by $1,000, come July 1 - that's when interest rates on the loans are slated to double.
Anderson is among 7 million undergraduates with a personal stake in the debate in Washington over whether to hold down, or let the 3.4% interest rate to double for undergraduates borrowing subsidized federal student loans.FULL STORY
(CNN) – With less than a month to go before rates jump on some student loans, Republicans are returning pressure from the White House on whose plan is better to avert the spike.
Rep. Luke Messer, R-Indiana, accused President Barack Obama in the weekly Republican address of rejecting a House Republican plan on political grounds, saying the president himself had proposed a similar measure in his annual budget.
Washington (CNN) – If at first you succeed, then by all means, try, try again.
President Barack Obama returned to a successful strategy from last year's election campaign by calling Friday for college students and their families to mount pressure on congressional Republicans to prevent a jump in some student loan rates set to occur on July 1.FULL STORY
Washington (CNNMoney) - On July 1, the interest rates on student loans subsidized by Uncle Sam will most likely double to 6.8%.
Congress and the White House agree that something should be done to prevent that. They don't agree on what.FULL STORY
(CNN) - On average, student loan borrowers end up carrying debt loads of $27,000. The interest rate on federal student loans is set to double this summer if Congress does not do anything about it. Sen. Elizabeth Warren, D-Massachusetts, has introduced her first piece of legislation – a bill that would give a steep, temporary discount, taking the interest rate from 3.4% to less than 1%.
The U.S. government has been lending money at a rate of about 0.75% to financial institutions for years, said Warren.FULL STORY