That is unacceptable, said Sen. Debbie Stabenow, D-Mich. "You can go out and get a car loan for 4 percent," she said.
Despite the widespread agreement that the current 6.8 percent interest rate is too high for students, there is little consensus on what to do.
House Speaker John Boehner, R-Ohio, has remained adamant that the chamber he leads has already taken action and it's up to the Senate to fall in line.
"Republicans have acted to stop student loans' interest rates from doubling," Boehner said. "The House has done its job. It's time for the Senate and the White House to do its job."
Senate Democratic leader Harry Reid has signaled he has no interest in anything beyond an extension of current rates until at least 2014 — when a third of the Senate and the full House face re-election.
"Speaker Boehner says the House has acted and the ball is in the Senate's court," Reid said. "But Democrats can't support a plan that would be worse for students than doing nothing at all."
Follow Philip Elliott on Twitter: http://www.twitter.com/philip_elliott
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