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Blumenthal Statement on Senate’s Failure to Move Student Loan Bill Forward

Legislation Would Have Retroactively Prevented Interest Rate On Subsidized Stafford Student Loans From Doubling

(Washington, DC) – Today, U.S. Senator Richard Blumenthal (D-Conn.) issued a statement on the Senate’s failure to move the Student Loan Bill (S. 1238) forward – a bill that would have retroactively prevented the interest rate on subsidized Stafford student loans from doubling. On July 1, the interest rate on these loans doubled from 3.4 percent to 6.8 percent – resulting in an additional $1000 in student loan debt for more than seven million students.

“Shamefully, some in the Senate decided today to put petty, partisan politics before the needs of the American people by obstructing a bill that would have retroactively prevented student loan rates from doubling on millions of students who are already struggling under mountains of debt. This obstructionism is particularly shameful since the Senate voted overwhelmingly last year to support similar legislation.

“I will continue to champion measures that lower the cost of college and student loan rates for students. And I encourage young people everywhere to continue participating boldly in this process by taking to social media and asking those who voted against this bill what they find so indefensible about investing in students and our nation’s future. Make yourselves heard, and make Congress listen.”