About the bill
6/17/2013: In what could become an annual occurrence, Congress yet again faces a looming deadline to resolve the problem of student loan interest rates. Without Congressional action, the rate on federally backed Stafford loans is set to double from 3.4 percent to 6.8 percent on July 1.
The Senate in early June failed to advance two bills meant to prevent this imminent increase in rates. A bill backed by Democrats would extend the current interest rate for two years, and offset the cost by ending three tax breaks. A GOP bill would peg all newly issued student loans to the U.S. Treasury 10-year borrowing rate plus 3 percentage points. Given the current Treasury rate of 1.75 percent, a student taking out a loan this coming school year would pay 4.75 …
Sponsor and status
113th Congress (2013–2015)
This bill was introduced in a previous session of Congress but was killed due to a failed vote for cloture, under a fast-track vote called "suspension", or while resolving differences on June 6, 2013.
Although this bill was not enacted, its provisions could have become law by being included in another bill. It is common for legislative text to be introduced concurrently in multiple bills (called companion bills), re-introduced in subsequent sessions of Congress in new bills, or added to larger bills (sometimes called omnibus bills).
28 Cosponsors (27 Democrats, 1 Independent)
History
S. 953 (113th) was a bill in the United States Congress.
A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.
Bills numbers restart every two years. That means there are other bills with the number S. 953. This is the one from the 113th Congress.
This bill was introduced in the 113th Congress, which met from Jan. 3, 2013 to Jan. 2, 2015. Legislation not passed by the end of a Congress is cleared from the books.
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