Rick Scott said on Wednesday that it was outrageous for the US Senate to choose politics over students as they were unable to come to a consensus on a procedural vote to clear the way for legislation to reduce student loan interest rates. The Senate has failed to pass legislation that would keep the college loan interest rate on new Stafford federal loans to 3.4 percent without raising taxes on small businesses. Currently, new Stafford loans are offered with a 6.8 percent interest rate because Congress was unable to come to a compromise before the lower rate expired on July 1.
Congress then recessed without addressing the dramatic rate increase on students.
Scott said, “Saddling students with a lifetime of higher student loan debt because of more political inaction in Washington is outrageous. In Florida we have worked to keep tuition low and education quality high. The Senate’s inaction today hurts Florida’s students and families.”
The Senate proposal would have kept the student loan interest rate the same by raising taxes on small businesses. The Republican-controlled House of Representatives passed a student loan compromise bill that did not raise taxes, based on a proposal by President Obama designed to garner bi-partisan support. The Democrat-controlled Senate was unable to successfully pass similar legislation.
