Real Story: Sen. Blumenthal Talks Student Loan Rate Hike

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

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.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s