Senate GOP Kills Student Loan Reform
Earlier this week, President Obama took a series of steps to ease the burden of student debt. But the most important step, allowing students to refinance their debts, requires Congressional action. And we all know how much Congress likes acting. Sure enough, the Senate yesterday stopped this initiative in its tracks:
The 56-38 vote fell short of the 60 that would have been needed to advance to debate on the measure by Sen. Elizabeth Warren, D-Mass. Her bill would have let millions of borrowers, some with years-old debt and interest rates topping 7 percent or more, refinance at today’s lower rates.
The bill would have been paid for with the so-called Buffett Rule, which sets minimum tax rates for people making over $1 million.
‘‘With this vote we show the American people who we work for in the United States Senate: billionaires or students,’’ said Warren. ‘‘A vote on this legislation is a vote to give millions of young people a fair shot at building their future.’’
Only three Republicans voted for the bill while Democrats supported it unanimously (one missed the vote).