Senate Lets Student Loan Bill Fail

    WASHINGTON, DC - MAY 08:  College students from across the country listen as Howard University student Clarise McCants of Philadelphia, PA, speaks about the student loan bill currently being debated by U.S. Senate during news conference with Sen. Sherrod Brown (D-OH) and Sen. Jack Reed (D-RI) at the U.S. Capitol May 8, 2012 in Washington, DC.  Senators Brown, Reed and Sen. Tom Harkin (D-IA) propose closing what they call "tax loopholes" to fund government subsidized Stafford loans, which interest rates are set to double from 3.4 percent to 6.8 percent on July 1, 2012 if Congress does not act. (Photo by Chip Somodevilla/Getty Images)

    Chip Somodevilla / Getty Images

    The Senate on Tuesday failed to approve a bill that would keep federal student loans at their current interest rates for another year, once again postponing debate on what has become a controversial issue. The Senate’s party-line vote of 52-45 failed to reach the necessary 60 votes, meaning that 7 million student borrowers could see their rates jump from 3.4 percent to 6.8 percent if the rates are allowed to expire in July. Lawmakers disagree over how to pay for the extension, and it has become a major issue on the presidential campaign trail in the past few weeks.

    Read it at The Washington Post