U.S. Senate fails to pass student loan legislation

By WEEK Producer

U.S. Senate fails to pass student loan legislation

July 10, 2013 Updated Jul 11, 2013 at 10:07 AM CDT

WASHINGTON, D.C. -- Students who use subsidized Stafford Loans to pay for school are seeing no relief tonight from inflated interest rates.

The Senate failed on Wednesday to advance a proposal meant to rein in the spiking student loan rates.

Lawmakers missed a July 1 deadline that would have kept interest rates locked in at 3.4 percent. Instead, those rates doubled.

The bill that would lower those rates to the original mark needs 60 votes in senate to pass. On Wednesday, it received only 51 votes.

The Democrat proposed bill faces criticism from Republicans, who say this 'quick fix' does not address the broader issue.

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