Senator Majority Leader Harry Reid has scheduled a cloture vote on S. 1238, the Keep Student Loans Affordable Act, which is a measure that would keep the Stafford subsidized interest rate at 3.4 percent for another year. Over 43 Democratic Senators has sponsored the legislation including Senators Murray and Cantwell.
The vote is a cloture vote, which would end the Senate’s debate on the measure and allow the bill a straight up or down vote. A cloture vote requires 60 Senators to agree to end debate, and the legislation is not expected to get the 60 votes needed to invoke cloture.
Despite the anticipated failure of the cloture movement, Senators remain hopeful that some agreement to extend the 3.4 percent interest rate can be reached.