U.S. Senate blocks student loan bill - Beckley, Bluefield & Lewisburg News, Weather, Sports

U.S. Senate blocks student loan bill

Posted: Updated:
  • Local NewsLocal News

  • Tuesday, May 21 2013 7:24 PM EDT2013-05-21 23:24:57 GMT
    Though the Mountaineer baseball team was not directly affected, they didnt hesitate to reach out to those in need. The team is safe and did manage to get a practice in yesterday. But after practice, the
    Though the Mountaineer baseball team was not directly affected, they didnt hesitate to reach out to those in need.
  • Tuesday, May 21 2013 6:17 PM EDT2013-05-21 22:17:00 GMT
    A man is dead after an afternoon accident in Fayette County. The two vehicle accident happened on WV Route 61 at 2:23 p.m. near Camp Branch Road. When deputies arrived on the scene, they found one of
    One man is dead, another hospitalized after head-on crash in Fayette County.
  • Tuesday, May 21 2013 5:57 PM EDT2013-05-21 21:57:17 GMT
    Kids in schools were in the path of destruction when the storms hit in Oklahoma. But are schools here ready if something like this were to strike? Students at Rainelle Elementary School in Greenbrier
     
    Kids in schools were in the path of destruction when the storms hit in Oklahoma. But are schools here ready if something like this were to strike?


     
  • GovernmentGovernment

  • Tuesday, May 21 2013 1:43 PM EDT2013-05-21 17:43:57 GMT
    The three locks on the upper Monongahela River will be open to recreational boaters this weekend during limited hours.
    The three locks on the upper Monongahela River will be open to recreational boaters this weekend during limited hours.
  • Monday, May 20 2013 2:50 PM EDT2013-05-20 18:50:08 GMT
    Helen Holt, now 99, was West Virginia's first female secretary of state. She received an honorary Doctorate of Humane Letters from WVU during Sunday's commencement.
    Helen Holt, now 99, was West Virginia's first female secretary of state. She received an honorary Doctorate of Humane Letters from WVU during Sunday's commencement.
  • Monday, May 20 2013 6:11 AM EDT2013-05-20 10:11:12 GMT
    MORGANTOWN, WV (AP) — West Virginia landowners who want to apply for grants to improve wildlife habitat have until June 14 to contact the Natural Resources Conservation Service.
    MORGANTOWN, WV (AP) — West Virginia landowners who want to apply for grants to improve wildlife habitat have until June 14 to contact the Natural Resources Conservation Service.

A week after the U.S. House of Representatives defied veto threats and voted to support a bill that would double student loan interest rates, the U.S. Senate blocked a bill that would have kept interest rates right where they are.

Unless Congress acts soon, the interest rates on government-backed student loans is scheduled to double beginning July 1. Bills in both chambers of Congress would prevent that from happening, but Republicans and Democrats can't agree on how to fund the extension. The House bill would pull money set aside under the Affordable Care Act for preventative women's care, while the Senate bill would eliminate tax loopholes for certain businesses — one reason why Senate Republicans wouldn't support it.

West Virginia's two senators, Jay Rockefeller and Joe Manchin, both Democrats, supported S.B. 2343, the Stop the Student Loan Interest Rate Hike Act of 2012.

"This bill is a smart investment in our kids' futures and our country's future," Rockefeller said in a statement following the vote. "I'm deeply disappointed that it didn't pass and that politics have won out over helping our students and their families. We absolutely need to give our students the tools to succeed, and loading them with even more debt when they are trying to get a higher education is not the way to do it."

According to Rockefeller's office, nearly 72,000 West Virginians received $306 million in Stafford subsidized loans last year. In all, Americans have more than $870 billion in student loan debt, and students who graduated in 2010 have an average of $25,250 in debt.

The bill failed in the Senate 52-45. It needed 60 votes to break a Republican filibuster.