First Senate Bill to Reverse the Doubling of Interest Rates on Student Loans Fails at Vote

The first official bill to reverse the doubling of interest rates on millions of student loans fell short in the U.S. Senate on Wednesday.
Democrats needed 60 senators to support the bill in a test vote. It failed to get the votes needed with 51-49 vote.
At the beginning of July, rates doubled from 3.4 percent to 6.8 percent because of congressional inaction. The bill proposed a temporary return to the original rate for subsidized, need-based Stafford loans giving lawmakers ample time to formulate long-term fix for multiple issues concerning the affordability of higher education. The White House backed the plan.
Senate Democrats were divided on what to do. Some pushed the one-year plan to help out students in the moment, hoping to then create a long-term solution while the temporary plan was in effect. Others Democrats have been working with Republicans, focusing solely on a long-term solution.
Both Democrats and Republicans seem to have their goal set on creating a long-term plan that completely reforms the interest rates for student loans. Many opponents of the bill cite this as their reason for voting against the bill. They argue that the proposition would have fixed the issue only for a short time and they prefer a permanent change.
The issue remains pressing since many more students continue to take out unsubsidized student loans from the government and student loan debt has skyrocketed.
The new rates apply for loans beginning after July 1.