On Tuesday, the Senate voted on the future of interest rates on Stafford loans. Rates for subsidized loans currently at 3.4 per cent, but without action from the Government, will jump to 6.8% come July 1, 2012. There is a need for 60 votes to pass the Bill, which would reduce these rates, unfortunately, been split votes 52/45.
The issue between the parties is not less than interest rates — are most in agreement should be reduced — is how that is keeping the Bill from passing. The Bill, written by Democrats, attempts to close the tax gap for high salaries to fund over low-interest loans. However, Republicans see instead of this money comes from other places.
With both sides locked in a stalemate, it is not clear how this problem will be solved, but learn more about the Bill, check out this recent article from the New York Times. "
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