WASHINGTON, DC (WWAY) — North Carolina Sen. Kay Hagan (D) said she’s frustrated because Wednesday a bill to restore low federal student loan interest rates could not get enough votes to be debated.
The rate doubled from 3.4 percent to 6.8 percent July 1 when Congress failed to agree on a plan. Since then, lawmakers haven’t done much to address the issue.
Another bill in the Senate would address the rate issue by adjusting them based on market conditions, but Hagan said any plan on the loan rates needs a cap.
“Without a cap, our young people are going to be borrowing money to get educated with no idea in mind as to what these rates could actually go to over the number of years it’s going to take them to pay those loans back,” Hagan said.
Hagan added that she’s also frustrated by continued lack of progress in fixing federal spending issues, including sequestration. She said it’s time to take action, but she could not tell us any specific ways for how to do that.