Hultgren: Put Politics Aside on Student Loan Rates

Interest rates on new federally subsidized student loans doubled from 3.4 to 6.8 percent Monday due to a lack of action by the U.S. Senate to vote on legislation that could have prevented it. 

The Senate adjourned Thursday night without taking up a vote on House legislation that would have tied interest rates to the government's cost to borrow money. 

Loans taken out before Monday will not be affected by the doubling of the rate, according to an article from the Washington Post. 

U.S. Rep Randy Hultgren (R-14th District) took to the House floor Friday and urged Senators to stop playing politics with the loan rate.

Watch his statement in the C-Span clip attached to this article. 

Without action, students will take on an additional $3.7 billion in debt over the next 10 years. The Senate is due to vote on legislation July 10 that would be retroactive to Monday, but a Senate bill faces a Republican filibuster, according to the Post.