Roll Call: Latest News on Capitol Hill, Congress, Politics and Elections
October 10, 2015

Democrats Split as Senate Approves Student Loan Deal

Sixteen Senate Democrats and one independent broke with the White House on Wednesday to oppose a student loan package they believed would be worse than current law because it would implement a market-based formula with caps higher than current federal loan rates.

“We could do much better than this,” said Sen. Jack Reed, D-R.I., in the moments before Wednesday’s final vote began. Reed had co-sponsored a one-year patch to the expired student loan law, which would have kept federally subsidized Stafford loan rates at 3.4 percent.

Democrats have been divided on the issue in the weeks weeks since subsidized Stafford loan rates doubled July 1. Many Democratic members, especially on the left, felt jammed by the Obama administration’s most recent budget, which imposed a market-based formula pegged to 10-year Treasury notes that Republicans generally liked and Democrats typically hated. But in the push to strike a deal, Democratic leaders, as well as the center-left members who broke ranks in June to begin negotiating with Republicans, were able to peel off enough of their members to join the GOP in passing a permanent fix to the loan issue.

Reed characterized the Senate compromise plan as “short-term rate relief but long-term rate pain.” As the American economy strengthens, Treasury rates will increase, so the lower rates available to students now likely will not be available in the future. Republicans have long argued for a market-based approach, and the House GOP already approved a plan that included a Treasury-note-based formula. But the House measure did not lock in rates for the lives of the loans issued. Any plan without the stipulations of locked-in rates or any caps at all is a non-starter with Democrats.

Democrats Reed, Elizabeth Warren of Massachusetts, Tammy Baldwin of Wisconsin, Richard Blumenthal of Connecticut, Barbara Boxer of California, Sherrod Brown of Ohio, Benjamin L. Cardin of Maryland, Kirsten Gillibrand of New York, Mazie K. Hirono of Hawaii, Patrick J. Leahy of Vermont, Edward J. Markey of Massachusetts, Robert Menendez of New Jersey, Christopher S. Murphy of Connecticut, Debbie Stabenow of Michigan, Tom Udall of New Mexico and Sheldon Whitehouse of Rhode Island voted against the bill. Vermont Independent Bernard I. Sanders, who caucuses with Democrats, also was a “no.” Sen. Mike Lee of Utah was the only Republican to vote against the measure.

The final vote was 81-18.

Some Democrats touted the deal approved Wednesday as the best that negotiators could get. Even Senate Health, Education, Labor and Pensions Chairman Tom Harkin urged his colleagues to support the bill.

Last week, however, the Iowa Democrat suggested that even this “permanent” fix could be changed as soon as next year.

“Any law’s subject to change; this one is, too,” Harkin said. “We don’t know how it’s going to work in the future in terms of interest rates or what interest rates may be, all we have to go on is CBO estimates and we all have to play by these — this rule-book. That’s why I want to take another look at it in the higher education act next year. Let’s see where the economy’s headed, let’s see where the interest rates are headed.”

Comments (45)

Leave a Comment

Your email address will not be published.

author email

  1. capacitated

    July 25, 2013
    2:07 a.m.

    Who did not vote on the bill?

  2. Anonymous

    June 27, 2015
    6:51 a.m.

    Thank you a bunch for sharing this with all of us you actually recognize what you’re talking approximately! Bookmarked. Kindly additionally visit my website =). We can have a hyperlink trade arrangement between us!

  3. Anonymous

    July 2, 2015
    1:07 p.m.

    Wow! This can be one particular of the most beneficial blogs We’ve ever arrive across on this subject. Basically Fantastic. I am also an expert in this topic therefore I can understand your hard work.

  4. Anonymous

    July 4, 2015
    1:18 p.m.

    What’s Happening i’m new to this, I stumbled upon this I’ve discovered It positively helpful and it has helped me out loads. I’m hoping to give a contribution & help different customers like its helped me. Good job.

  5. Anonymous

    July 7, 2015
    8:33 a.m.

    fantastic points altogether, you just gained a brand new reader. What would you suggest in regards to your post that you made some days ago? Any positive?

  6. Anonymous

    July 7, 2015
    6:42 p.m.

    Respect to author, some superb entropy.

  7. Anonymous

    July 8, 2015
    1:18 a.m.

    I’m not sure exactly why but this site is loading incredibly slow for me. Is anyone else having this problem or is it a problem on my end? I’ll check back later on and see if the problem still exists.

  8. Anonymous

    July 9, 2015
    6:58 a.m.

    You can certainly see your skills in the work you write. The world hopes for even more passionate writers like you who aren’t afraid to say how they believe. Always go after your heart.

  9. Anonymous

    July 11, 2015
    8:21 a.m.

    Hello. excellent job. I did not expect this. This is a splendid story. Thanks!

  10. Anonymous

    July 13, 2015
    1:17 p.m.

    Hi, Neat post. There is a problem with your site in internet explorer, would test this… IE still is the market leader and a big portion of people will miss your magnificent writing because of this problem.

  11. Anonymous

    July 13, 2015
    3:06 p.m.

    Heya i am for the first time here. I came across this board and I find It really useful & it helped me out much. I hope to give something back and help others like you aided me.

  12. Anonymous

    July 13, 2015
    5:52 p.m.

    There are some attention-grabbing points in time on this article but I don’t know if I see all of them middle to heart. There’s some validity but I’ll take hold opinion until I look into it further. Good article , thanks and we wish extra! Added to FeedBurner as nicely

  13. Anonymous

    July 13, 2015
    6:07 p.m.

    I am continuously invstigating online for ideas that can facilitate me. Thanks!

  14. Anonymous

    July 13, 2015
    11:05 p.m.

    Excellent website. A lot of useful info here. I am sending it to some pals ans also sharing in delicious. And naturally, thanks in your sweat!

  15. Anonymous

    July 14, 2015
    2:18 a.m.

    I’m not sure where you’re getting your information, but great topic. I needs to spend some time learning more or understanding more. Thanks for great info I was looking for this info for my mission.

  16. Anonymous

    July 17, 2015
    5:35 a.m.

    Yeah bookmaking this wasn’t a speculative determination outstanding post! .

  17. Anonymous

    July 17, 2015
    7:02 a.m.

    I’m curious to find out what blog platform you’re utilizing? I’m experiencing some minor security issues with my latest site and I would like to find something more risk-free. Do you have any recommendations?

  18. Anonymous

    July 18, 2015
    8:43 a.m.

    The very heart of your writing while appearing agreeable originally, did not really settle well with me after some time. Someplace within the sentences you actually were able to make me a believer but just for a short while. I however have got a problem with your jumps in logic and one might do well to fill in all those breaks. When you actually can accomplish that, I could undoubtedly end up being fascinated.

  19. Anonymous

    July 20, 2015
    1:43 p.m.

    Hello, Neat post. There is an issue with your web site in web explorer, may test this?K IE nonetheless is the market leader and a big section of other people will omit your excellent writing due to this problem.

  20. Anonymous

    July 20, 2015
    6:48 p.m.

    There is perceptibly a bunch to know about this. I believe you made certain nice points in features also.

  21. Anonymous

    July 24, 2015
    10:37 a.m.

    Thank you for some other fantastic article. The place else may anyone get that type of information in such an ideal approach of writing? I have a presentation subsequent week, and I’m on the look for such information.

  22. Anonymous

    July 25, 2015
    8:06 a.m.

    I’ve been browsing online more than three hours today, yet I never found any interesting article like yours. It is pretty worth enough for me. Personally, if all webmasters and bloggers made good content as you did, the internet will be a lot more useful than ever before.

  23. Anonymous

    July 25, 2015
    8:38 a.m.

    I’ve been browsing online greater than three hours lately, yet I never found any attention-grabbing article like yours. It is beautiful price enough for me. In my view, if all website owners and bloggers made excellent content as you did, the internet can be a lot more useful than ever before.

  24. Anonymous

    July 28, 2015
    3:13 p.m.

    There are some fascinating closing dates on this article but I don’t know if I see all of them middle to heart. There may be some validity however I will take maintain opinion until I look into it further. Good article , thanks and we want extra! Added to FeedBurner as effectively

  25. Anonymous

    Aug. 3, 2015
    11:25 a.m.

    Hello, Neat post. There’s a problem with your site in internet explorer, might check this?K IE nonetheless is the marketplace chief and a good component to other people will omit your wonderful writing because of this problem.

  26. Anonymous

    Aug. 4, 2015
    8:06 p.m.

    I am not sure where you’re getting your info, but great topic. I must spend some time learning much more or figuring out more. Thank you for great information I was in search of this information for my mission.

  27. Anonymous

    Aug. 7, 2015
    5:29 a.m.

    Good V I should definitely pronounce, impressed with your website. I had no trouble navigating through all the tabs and related information ended up being truly simple to do to access. I recently found what I hoped for before you know it in the least. Quite unusual. Is likely to appreciate it for those who add forums or something, site theme . a tones way for your client to communicate. Nice task..

  28. Anonymous

    Aug. 10, 2015
    3:11 a.m.

    Hello, you used to write magnificent, but the last few posts have been kinda boring… I miss your tremendous writings. Past several posts are just a little bit out of track! come on!

  29. Anonymous

    Aug. 10, 2015
    1:05 p.m.

    Greetings from Colorado! I’m bored to death at work so I decided to check out your blog on my iphone during lunch break. I love the information you present here and can’t wait to take a look when I get home. I’m surprised at how quick your blog loaded on my cell phone .. I’m not even using WIFI, just 3G .. Anyways, amazing site!

  30. Anonymous

    Aug. 11, 2015
    12:48 p.m.

    Great write-up, I am regular visitor of one’s website, maintain up the excellent operate, and It is going to be a regular visitor for a long time.

  31. Anonymous

    Aug. 23, 2015
    6:08 p.m.

    Hello.This post was really interesting, particularly since I was looking for thoughts on this matter last Friday.

  32. Anonymous

    Aug. 24, 2015
    12:13 a.m.

    Hiya, I am really glad I’ve found this information. Nowadays bloggers publish just about gossips and web and this is actually annoying. A good website with interesting content, this is what I need. Thanks for keeping this site, I’ll be visiting it. Do you do newsletters? Can not find it.

  33. Anonymous

    Aug. 24, 2015
    11:11 a.m.

    Youre so cool! I dont suppose Ive read anything like this before. So good to seek out any individual with some authentic thoughts on this subject. realy thanks for beginning this up. this web site is one thing that is wanted on the web, someone with a bit of originality. useful job for bringing one thing new to the internet!

  34. Anonymous

    Aug. 25, 2015
    1:10 p.m.

    I’m impressed, I have to say. Really not often do I encounter a weblog that’s each educative and entertaining, and let me tell you, you’ve got hit the nail on the head. Your thought is outstanding; the issue is one thing that not sufficient persons are speaking intelligently about. I am very glad that I stumbled throughout this in my search for one thing referring to this.

  35. Anonymous

    Aug. 26, 2015
    10:09 a.m.

    I would like to thnkx for the efforts you have put in writing this blog. I am hoping the same high-grade blog post from you in the upcoming as well. In fact your creative writing abilities has inspired me to get my own blog now. Really the blogging is spreading its wings quickly. Your write up is a good example of it.

  36. Anonymous

    Aug. 30, 2015
    12:35 a.m.

    Pretty! This was a really wonderful post. Thank you for your provided information.

  37. Anonymous

    Sept. 2, 2015
    1:54 a.m.

    Hey just wanted to give you a quick heads up and let you know a few of the pictures aren’t loading correctly. I’m not sure why but I think its a linking issue. I’ve tried it in two different internet browsers and both show the same outcome.

  38. tom&jerry

    Sept. 9, 2015
    9:10 p.m.

    Great blog article.Much thanks again. Awesome.

  39. Anonymous

    Sept. 12, 2015
    8:35 p.m.

    Great V I should definitely pronounce, impressed with your site. I had no trouble navigating through all the tabs and related information ended up being truly easy to do to access. I recently found what I hoped for before you know it at all. Reasonably unusual. Is likely to appreciate it for those who add forums or anything, website theme . a tones way for your customer to communicate. Excellent task..

  40. Anonymous

    Sept. 21, 2015
    6:39 a.m.

    Hello, i think that i noticed you visited my weblog thus i got here to “return the choose”.I am trying to to find things to improve my web site!I guess its good enough to use some of your ideas!!

  41. Anonymous

    Sept. 23, 2015
    8:55 p.m.

    Thank you for sharing excellent informations. Your web-site is so cool. I’m impressed by the details that you have on this web site. It reveals how nicely you understand this subject. Bookmarked this website page, will come back for extra articles. You, my friend, ROCK! I found just the info I already searched all over the place and simply could not come across. What a great web-site.

  42. Anonymous

    Sept. 26, 2015
    11:07 p.m.

    Hi there! This post couldn’t be written any better! Reading through this post reminds me of my previous room mate! He always kept talking about this. I will forward this article to him. Pretty sure he will have a good read. Thank you for sharing!

  43. Anonymous

    Oct. 2, 2015
    12:49 p.m.

    salvo Este Malaga se ahila Ese acle acuerpado, Aquel lavacoches afistula Ese desistimiento sombreador. Que Malaga jacalea Aquel patriota inapeable

  44. Anonymous

    Oct. 4, 2015
    4:33 a.m.

    Hi my friend! I want to say that this post is awesome, nice written and include almost all significant infos. I’d like to look more posts like this.

Sign In

Forgot password?



Receive daily coverage of the people, politics and personality of Capitol Hill.

Subscription | Free Trial

Logging you in. One moment, please...