Student Loan Interest Rates Double: A Timeline

April 10, 2013 – President Obama releases his 2014 budget proposal in which he calls for a long-term, market-based solution to keep student loan interest rates from doubling on July 1, 2013.

May 9, 2013 – Rep. John Kline (R-MN) and Rep. Virginia Foxx (R-NC) introduce the Smarter Solutions for Students Act, a long-term, market-based solution to prevent student loan interest rate hikes.

May 21, 2013 – Education Secretary Arne Duncan tells Congress, the Obama Administration is looking for a “long-term fix” on student loans interest rates.

May 22, 2013 – Education Secretary Arne Duncan reverses his position and issues a statement calling for a temporary fix on student loan interest rates.

May 23, 2013 – The U.S. House of Representatives passes the Smarter Solutions for Students Act, a long-term, market-based solution to  student loan interest rate hikes.

May 23, 2013 – The Washington Post says the Smarter Solutions for Students Act “echoes a plan Obama offered in April.”

June 4, 2013 – Senate Majority Leader Harry Reid (D-NV) says he is “not looking for a compromise” on a student loan interest rate bill.

June 6, 2013 – The Senate fails to pass two separate student loan bills to keep student loan interest rates from doubling.

June 12, 2013 – House Republicans call on the President and Senate Democrats to work with them to prevent student loan interest rates from doubling.

June 27, 2013 – The Senate adjourns for its July 4th recess without approving a student loan interest rate package.

July 1, 2013 – Interest rates on federally subsidized Stafford student loans double.