Well, this is music to many students’ ears.
On Wednesday, the senate passed a compromise student loan deal that responded to the high rise of student loan interest rates that went into effect on July 1.
This new proposal would fix interest rates to meet their respective market rates.
Even though this might seem like a good resolution to some, there are many liberal Democrats that strongly oppose this new legislation.
With the vote of 81-18, dozens voted against it because they feel that the lowered interest rate of 3.86 percent can easily fluctuate as high as 10.5 percent in the future for many students.
Sen. Elizabeth Warren, D-Mass. who was one of the Democrats that voted against the deal on Wednesday stated “Students — all students — will end up paying far higher interest rates on their loans than they do right now.”
And Sen. Bernie Sanders, D-Vt., said in a statement on Tuesday, “The White House is being disingenuous and is trying to sweep under the rug big increases in interest rates for students and parents in the near future.”
However, there are some Democrats that do believe this new proposal will actually behoove millions of students around the country, such as President Obama.
In a statement, he declared, “It meets the key principles I laid out from the start,” he said. “It locks in low rates next year, and it doesn’t overcharge students to pay down the deficit.”
Will these politicians ever agree on something?
SOURCE: NBC
