OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

S 953 - Student Loan Affordability Act - National Key Vote

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Title: Student Loan Affordability Act

Vote Smart's Synopsis:

Vote on a motion to invoke cloture on a bill that extends current interest rates for undergraduate loans until July 1, 2015.

Highlights:

  • Extends the following interest rates for undergraduates from July 1, 2013 to July 1, 2015 (Sec. 2):
    • 6.8 percent on the unpaid principal balance of the loan for a loan for which the disbursement is made on or after July 1, 2006 and before July 1, 2008; and
    • 3.4 percent on the unpaid principal balance of the loan for a loan for which the disbursement is made on or after July 1, 2011, and before July 1, 2013. 

NOTE: INVOKING CLOTURE REQUIRES A 3/5 MAJORITY OF THE SENATE. IT IS NOT A VOTE ON THE PASSAGE OF THE PIECE OF LEGISLATION, BUT LIMITS FURTHER DEBATE TO 30 HOURS. CLOTURE IS TYPICALLY USED TO END A FILIBUSTER. A FAILED CLOTURE VOTE OFTEN PREVENTS THE LEGISLATION FROM EVER COMING TO A VOTE.

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