Rhode Island's U.S. Sen. Jack Reed says the Senate's refusal on Wednesday night to adopt his proposed amendment to cap college loan rates for students and parents is a "setback for students over the long haul."
He made the remarks after the Senate defeated the amendment he and Massachusetts Democrat Elizabeth Warren offered to cap loan rates at 6.8 percent for students and 7.9 percent for PLUS loans for parents and graduate students. The Senate went on to approve a bill allowing rates to rise to as much as 8.25 percent for undergraduates; 9.5 percent for graduate students; and 10.5 percent for parents.
Reed vowed to keep fighting for lower rates not just for sake of young people "but for our nation's future."
He was joined by U.S. Sen. Sheldon Whitehouse who said he was proud to stand with Reed in seeking a fair solution. "With such a fair deal on the table, I could not support the bill passed by the Senate today which will allow interest rates to skyrocket in a few years."
By Richard C. Dujardin