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Democrats Hike Interest Rates on Student Loans


RUSH: "A Senate bill that would freeze a low interest rate on one type of federal student loan for another year," failed to clear a vote just this afternoon.  So, the interest rate, instead of going down to 3.4%, is going to stay at 6.8%.  I'll give you the history of this thing.  I'm just whetting your appetite with this. I'm not gonna go into details, but this was all a campaign issue.  When the Democrats, one of the first pieces of legislation they wrote was to cut the student loan rate temporarily and then have it jump back up last summer. In the campaign of 2012, the student loan rate was supposed to go up 6.8%, make it look like the Republicans were to blame for it, a campaign issue for Obama.

They had the Republicans by the shorts, in a sense. They were gonna lower it then last summer back down to 3.4%, which is what it was.  And the effort to get it back down to 3.4% has continued to fail.  Imagine that.  Washington just can't bring itself to return any money to anybody.


RUSH:  Okay, here's the student loan news.  "A Senate bill," and Democrats run the Senate "A Senate bill that would freeze a low interest rate on one type of federal student loan for another year, along with buying lawmakers more time to craft a long-term strategy for setting all education loan interest rates, failed to clear a procedural vote Wednesday afternoon. That bounces the issue back to negotiations yet again, as lawmakers try to reach a consensus before the August recess, at which point most students will have to lock in their loans for the coming school year. The vote was 51 in favor and 49 opposed, not enough to advance the bill. The failed key test vote came after contentious discussions Tuesday, much of it between Democrats who have been split on the issue."

Split on the issue?  Why, what does that tell you?  Why, that tells you that some Democrats want the student loan interest rate kept at 6.8%.


RUSH: Back to this student loan business.  The key vote came after contentious discussions on Tuesday, much of it between Democrats that have been split on the issue.  "At the weekly Democratic caucus luncheon, Sen. Elizabeth Warren (D-Mass.) harshly criticized Sen. Joe Manchin III (D-W.Va.) for sponsoring a bill with Republicans that would tie interest rates for all major federal education loans to market rates but would not impose a formal cap on how high those rates could go in future years."

So the Democrats couldn't come to an agreement on this.  And as they say here, they've got until next month to get this done before everybody leaves.  So you students counting on your best buds, the Democrats, to lower your interest rate for you, they couldn't even come to an agreement on that yesterday. 



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