Congress has until July 1 to act on student-loan interest rates, or rates will doubt for over 7 million students, who’ll face an average of $1,000 in additional debt. At this point, given Republican intransigence, the odds of eventual success appear to be dwindling.
House Republicans passed its version of the bill two weeks ago, paying for an extension of current rates by taking money from the Prevention and Public Health Fund. In effect, the House GOP said Democrats could help on student loans, but only if Republicans cut funding for breast cancer and cervical cancer screenings.
Senate Democrats brought their version to the floor today, which would also keep interest rates where they are, and pay for it by closing a tax loophole that currently allows some very wealthy people to shield some of their earnings from the payroll tax (the S-corp provision). Republicans have, in the recent past, pointed to this as the kind of loophole they might be willing to close.
So, no problem, right? Wrong.
Republicans have blocked the Senate from debating a Democratic bill keeping interest rates on college loans from doubling this summer for 7.4 million students. […]









