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Wednesday, May 9, 2012

Senate Turns Down Bill To Prevent Student Loan Interest Rake Hike

A bill that would prevent interest rates for student loans from doubling, has failed in the senate. Both Republicans and Democrats believe the rates should not increase from the 3.4 percent to 7.6 percent. However, they couldn't agree on how to pay for the $6 billion bill. Democrats wanted to raise medicare and social security payroll taxes, while Republicans wanted to see the money come from terminating a health fund set up by President Obama.
Delaware Senator Chris Coons is now speaking out on this issue, and his vote to avert the interest rate hike. He says "getting the higher education necessary to get a good job in this economy simply should not leave our young people buried under a crushing mountain of debt. We can't afford it."

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