Thursday, May 23, 2013

Arizona Congressional Delegation Votes Party Lines This Afternoon On Student Loan Rates

Arizona's four Republican Congressmen voted "aye" and its five Democratic Representatives voted "nay" this afternoon as the U.S. House of Representatives passed a measure to do away with subsidies on federal student loan interest rates.

The House passed what they called the "Smarter Solutions for Students Act" by a vote of 221-198, with only a dozen Congresspeople voting across party lines.  Arizona's nine Representatives were not among that dozen.

The bill to tie Stafford student loans to the 10-year Treasury note, with caps of 8.5% and 10.5% for undergraduate and graduate students (and parents), respectively, is expected to run into political trouble with the Senate and Administration.  Student loan rates have been a frequent political issue in Washington.

Here is the text of the bill that passed today.

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