Republicans block bill to extend lower student loan interest rates

Senate Republicans blocked a White House-backed bill Tuesday that would extend a lower interest rate on government-subsidized student Stafford loans.

On a mostly party-line vote of 52-45, backers of the measure fell eight votes short of the 60 needed to clear a Republican procedural roadblock.

Congress has until July 1 to come to an agreement on either passing a bill or allowing interest rates to double.

It is expected that a bipartisan agreement will be reached, since both sides fear alienating the youth vote before the fall elections.

Here's what's at stake:

7M+ -- students currently have subsidized Stafford loans with a 3.4% interest rate.

6.4% -- Interest rates on these loans as of July 1, without a deal

$6B -- Amount required to cover the cost of extending the lower interest rate for one year

$1T -- Current student loan debt

(with Reuters)