New York Sen. Kirsten Gillibrand says she voted against a recent compromise on student loans because the interest rates shouldn’t be tied to market rates.
Congress let interest rates on government subsidized student loans double on July first to nearly seven percent. Last week lawmakers worked out a deal to allow rates to be tied to 10 year US Treasury notes. That temporarily lowered the rates again.
Gillibrand, a Democrat, says the deal was the wrong result for students in the long term.