Senate Votes Against Bill Preventing Student Loan Interest Rates from Doubling

On Tuesday (5/8) the Senate voted against a plan to keep some student loan interest rates from doubling on July 1st, 2011.

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by Megan Mazurek

On Tuesday (5/8) the Senate voted against a plan to keep some student loan interest rates from doubling on July 1st, 2011.
Alaska's senior senator voted against the bill because she says the bill that was proposed would have been paid by increasing the taxes on certain small businesses.
Senator Murkowski says at time where it's already difficult to find a job and the unemployment rate is at an all time high there is clear bi-partisan support to not increase the interest rates on student loans. Murkowski says there is disagreement on how the bill is going to be paid for. She says it doesn't make sense to penalize small businesses, which are those same businesses, that she hopes would hire young people who are getting out of school.
"I'm looking for a way that we can continue to keep the student loan interest rate low, but doing so in a manner that doesn't necessarily impact our small businesses," said Lisa Murkowski, R-Alaska.
It's been reported the average student graduates with about 25-thousand dollars of student debt.