| USWorld

Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Bipartisan loan bill still eludes Senate

Email Newsletters

Sign up for one of our email newsletters.

Daily Photo Galleries

By The Associated Press
Thursday, June 20, 2013, 6:27 p.m.

WASHINGTON — A handful of senators struggled on Thursday to hold together a bipartisan deal to keep student loan rates from doubling on July 1 as their colleagues traded political barbs with little more than a week to go before the deadline.

Top White House officials, meanwhile, told lawmakers they are open to changes in President Obama's student loan proposal if a compromise could be reached that would win congressional approval.

The behind-the-scenes negotiations are an attempt to head off a rate hike that Congress' Joint Economic Committee estimated would cost the average student borrower $2,600 more. Both parties rushed to microphones to point fingers at the other for the potential hike but kept in touch with back-channel efforts that would prevent them from being blamed for adding to high college costs.

“There's no question there are discussions going on in the Senate right now, bipartisan discussions. Whether it bares fruit in the next 10 days is going to be a nail-biter,” said Rep. Joe Courtney, D-Conn.

The bipartisan deal, which would link undergraduate student loans' interest rates with the financial markets, would save the government more than $8 billion during the next 10 years, according to an unpublished Congressional Budget Office report.

Democratic and Republican Senate aides insisted on anonymity in discussing the budget office report because it has not been released to the public yet, and they are not authorized to discuss it publicly.

Subscribe today! Click here for our subscription offers.



Show commenting policy

Most-Read Nation

  1. 20,000 still in dark in Spokane from windstorm
  2. New Hampshire cancer patient gets permission to travel to Maine for medical pot
  3. Student dies in traditional Ohio State University lake jump
  4. Experts foresee big premium increases for Medicare drug plan
  5. Foreign policy expert: Obama administration should create Syria safe areas
  6. Chicago cop charged with murder in killing of black teen
  7. VA Phoenix social worker on leave for Halloween costume
  8. ‘Crisis mode’ near at U.S.-Mexico line as nearly 5,000 children try to cross border in October
  9. Company backs away from pledge to cut drug’s $750-per-pill price
  10. N.H. prep grad to appeal sex assault verdict
  11. Federal aid to be provided to high school students taking college courses