Student Loan Bill Hits Snag In Senate

July 11, 2013

“The federal government is actually going to make a profit this year off the backs of students—$51-billion in profit—I think that’s just outrageous.”

—Senator Debbie Stabenow

An effort to restore lower interest rates on student loans has failed in the Senate. The White House and most Senate Democrats favored restoring interest rates on subsidized Stafford loans to 3.4 percent for another year. But lawmakers on Wednesday were unable to muster the necessary 60 votes to overcome a procedural hurdle. That left interest rates at 6.8 percent — a rate that leaders from both parties called unacceptable. WDET's Pat Batcheller asked Michigan Democratic Senator Debbie Stabenow how she voted and why. Click on the audio link above to hear the conversation.

To watch Senator Stabenow's opening remarks on the Senate Floor, arguing in favor of freezing student loan interest rates. Click here.