Congress Likely to Miss Student Loan Deadline
The Senate is unlikely to strike a deal to prevent student loan rates from rising on July 1.
On Thursday, two groups of senators—one a bipartisan group that includes Sens. Joe Manchin (D-WV) and Tom Coburn (R-OK), the other of just Democrats—planned to release proposals to prevent rates from doubling from 3.4 percent to 6.8 percent while Congress is taking a vacation for the July 4 holiday.
A group of Democrats—Sens. Jack Reed (D-RI), Kay Hagan (D-NC), Tom Harkin (D-IA), Al Franken (D-MN), Elizabeth Warren (D-MA), and Debbie Stabenow (D-MI)—planned a press conference for Thursday afternoon to announce a plan for another one-year extension of current rates.
But neither is likely to come up for a vote on the floor before senators depart for that holiday.