Despite the Senate voting down a plan to prevent interest rates on subsidized federal Stafford loans from doubling, U.S. Sen. Richard Blumenthal is optimistic that something can be done to stop students from paying more interest.
Blumenthal said minutes after the vote that he thought it was “completely perplexing” because it will increase costs for students.
“I’m hopeful that the Senate will come to its senses” and eventually approve the extension of the lower rate, said Blumenthal, a Democrat.
Wednesday’s preliminary vote was split along party lines, with most Republicans moving to block the rate extension.
New Hampshire Republican Sen. Kelly Ayotte said after the vote that the one-year extension would be like “Groundhog Day,” and would not give students enough certainty to plan their finances in the future.