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Republicans block student loan refinance bill

Republicans block student loan refinance bill

Photo: clipart.com

KGMI News Reporting
By Tracy Ellis

BELLINGHAM, Wash. – Senate Republicans have blocked a measure that would have helped some current and former university students with student loan debt.

An election-year attempt by Democrats to let people refinance their student loan debt at lower rates didn’t get enough votes yesterday to move forward.

That didn’t make Washington Democratic Senator Maria Cantwell happy.

 

The Obama Administration says the legislation could have helped about 25 million borrowers save $2,000 a piece.

Republicans accuse Democrats of looking for a political issue and raising taxes.

The bill would have been paid for with the so-called ‘buffett rule’, which sets minimum tax rates for people making over one million dollars.

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