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.