Republicans Block Bill to Lower Student Loan Interest Rate
St. Louis, MO (KPLR) Senate Republicans blocked a Democratic bill that would have kept interest rates on federal college loans from doubling.
Republicans say they prevented the measure because they opposed how Democrats wanted to pay for the increase, which is boosting social security and medicare payroll taxes.
GOP Senators have their own version to prevent the increase by eliminating a preventive health fund created by President Obama’s health care overhaul.
If no deal is reached interest rates on subsideized stafford loans will increase to six point eight percent on July 1st.