Student loan vote set for Wednesday

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A procedural vote is scheduled for Wednesday by the U.S. Senate on a bill that would restore the interest rate on subsidized student loans.

Interest rates doubled to 6.8 percent last week because Congress didn’t avert a rate hike built into the law.

House Republicans have passed a bill that would link rates to the financial markets and keep rates low in coming years. Rates would increase if the economy improves.

Congressman Tim Ryan, D-Niles, said Congress is working hard to fix the problem.

“I am pushing hard to do that and make it retroactive so no one will have to pay any more,” said Ryan. “You know, it’s tough enough to get into school and do the academics side let alone have this huge burden coming back. We don’t need to double the interest rates right now, and we are going to work hard to fix that.”

Lawmakers want to restore the lower rates before students start signing loan documents later this summer.

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