Rhode Island Sen. Jack Reed has failed again in his attempt to hold down college student loan rates.
The Senate has once again failed to pass Democrat Reed’s legislation that would keep federal student college loans from doubling in interest. Reed’s bill failed on a procedural motion by a vote of 51 to 49. Sixty votes were needed to end the Republican filibuster.
Staring down a July 1st deadline, lawmakers on Capitol Hill are looking at ways to control the costs of federal student loans. Senator Jack Reed is behind a measure that would overhaul how student loan interest rates are calculated.
Reed and a handful of democrats in Congress are pushing legislation that offers adjustable rates and caps the maximum interest rates on federal loans. The bill also allows borrowers stuck with high interest rates to refinance.