Student Loan Bill Passes House, Setting Up Face-Off

“…¬†At stake is a subsidized loan rate of 3.4 percent for more than 7.4 million students with federal Stafford loans, which will jump to 6.8 percent if Congress fails to act. Democrats fixed the 3.4-percent rate before Republicans took control of the House in 2011. Last June, Republicans buckled under political pressure and extended the subsidized rate for one year, just two days before its expiration.

This time, Republican leaders insist they will hold firm, but they face Democrats in the Senate dead set against their approach and a threatened White House veto.”