OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

S 1003 - Comprehensive Student Loan Protection Act - National Key Vote

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Title: Comprehensive Student Loan Protection Act

Vote Smart's Synopsis:

Vote on a motion to invoke cloture on a bill that establishes interest rates for new student loans.

Highlights:

  • Establishes interest rates for new Federal Direct Stafford, Federal Direct Unsubsidized Stafford, and Federal Direct PLUS Loans disbursed after July 1, 2013 equal to the bond equivalent rate of 10 year Treasury bills auctioned at the final auction held prior to June 1 of each year plus 3 percent (Sec. 2).
  • Specifies that the interest rates are fixed for the life of the loan (Sec. 2).

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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