Four months after “it sailed through the Democratic-led House, legislation to overhaul federal student lending and channel about $80 billion in savings toward an array of education initiatives has stalled in the Senate,” the Washington Post reports.
In his State of the Union address Wednesday, President Obama exhorted the Senate to pass the bill, which he said would revitalize community colleges and make college more affordable. But the bill faces unified opposition from the Republican minority and sharp questions from at least some Democrats, according to congressional aides from both parties, and the Democratic majority has put it on hold during the drawn-out health-care deliberations.
Democratic leaders may turn to budget reconciliation in an effort to get the bill passed.
The assumption on Capitol Hill is that Democrats will attempt to move the student loan bill through a special procedure that requires a simple majority rather than the usual 60 votes out of 100 needed to stop a filibuster. That tactic is also under discussion for health-care reform, said the aides, who asked for anonymity to speak candidly. So the two issues have become intertwined.
Timing is significant. because the student loan legislation would require all colleges to use direct government lending as of July 1 for federal loans. Currently, they can choose between direct lending and a federal program that guarantees student loans made by private banks. The bill would not affect nonfederal loans.
By cutting banks out of the equation, the “administration expects to reap $80 billion over the next decade for increased student aid, community colleges, early childhood education and other programs.”
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