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S. 953 (113th): Student Loan Affordability Act


About the bill

6/17/2013: In what could become an annual occurrence, Congress yet again faces a looming deadline to resolve the problem of student loan interest rates. Without Congressional action, the rate on federally backed Stafford loans is set to double from 3.4 percent to 6.8 percent on July 1.

The Senate in early June failed to advance two bills meant to prevent this imminent increase in rates. A bill backed by Democrats would extend the current interest rate for two years, and offset the cost by ending three tax breaks. A GOP bill would peg all newly issued student loans to the U.S. Treasury 10-year borrowing rate plus 3 percentage points. Given the current Treasury rate of 1.75 percent, a student taking out a loan this ...

Sponsor and status

John “Jack” Reed

Sponsor. Senator for Rhode Island. Democrat.

Read Text »
Last Updated: May 15, 2013
Length: 16 pages
Introduced
May 14, 2013
113th Congress (2013–2015)
Status
Died in a previous Congress

This bill was introduced in a previous session of Congress but was killed due to a failed vote for cloture, under a fast-track vote called "suspension", or while resolving differences on June 6, 2013.

Although this bill was not enacted, its provisions could have become law by being included in another bill. It is common for legislative text to be introduced concurrently in multiple bills (called companion bills), re-introduced in subsequent sessions of Congress in new bills, or added to larger bills (sometimes called omnibus bills).

Cosponsors

28 Cosponsors (27 Democrats, 1 Independent)

Source

Position statements

Statement of Administration Policy

President Barack Obama [D, 2009-2017]: Student Loan Affordability Act (Jun 6, 2013)

What legislators are saying

Reed Speaks on Student Loan Affordability
    — Sen. John “Jack” Reed [D-RI] (Sponsor) on Jun 6, 2013

Durbin, Senators Introduce Fully Paid for Legislation to Prevent Student Loan Rate Hike
    — Sen. Richard Durbin [D-IL] (Co-sponsor) on May 15, 2013

Heitkamp Statement on Senate Proposal on Student Loan Interest Rates
    — Sen. Heidi Heitkamp [D-ND, 2013-2018] on Jun 6, 2013

More statements at ProPublica Represent...

History

May 14, 2013
 
Introduced

Bills and resolutions are referred to committees which debate the bill before possibly sending it on to the whole chamber.

May 15, 2013
 
Ordered Reported

A committee has voted to issue a report to the full chamber recommending that the bill be considered further. Only about 1 in 4 bills are reported out of committee.

Jun 6, 2013
 
Failed Cloture in the Senate

The Senate must often vote to end debate before voting on a bill, called a cloture vote. The vote on cloture failed. This is often considered a filibuster. The Senate may try again.

S. 953 (113th) was a bill in the United States Congress.

A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law.

Bills numbers restart every two years. That means there are other bills with the number S. 953. This is the one from the 113th Congress.

This bill was introduced in the 113th Congress, which met from Jan 3, 2013 to Jan 2, 2015. Legislation not passed by the end of a Congress is cleared from the books.

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“S. 953 — 113th Congress: Student Loan Affordability Act.” www.GovTrack.us. 2013. September 23, 2021 <https://www.govtrack.us/congress/bills/113/s953>

Where is this information from?

GovTrack automatically collects legislative information from a variety of governmental and non-governmental sources. This page is sourced primarily from Congress.gov, the official portal of the United States Congress. Congress.gov is generally updated one day after events occur, and so legislative activity shown here may be one day behind. Data via the congress project.