With student loan interest rates slated to double on July 1, barring congressional intervention, both Hawaii senators voted along party lines to filibuster a Republican proposal to resolve the issue. Republican senators meanwhile filibustered a Democratic proposal that was supported by Senators Mazie Hirono and Brian Schatz.

In a statement, Hirono said, “If Congress does not act by July 1, over 17,000 student loan borrowers in Hawaii will see their interest rates double and owe almost $1,000 more next year. The bill offered today by my Republican colleagues is an even worse option, saddling students with even more debt than if interest rates doubled.

“We should not try to balance our budget on the backs of students who are trying to make better lives for themselves, and I hope my colleagues on both sides can come together to avoid student loan interest rates from doubling,” she said.

According to Roll Call, the Republican version would have tied student loan interest rates to the 10-year Treasury note rate plus 3 percentage-points. The Democrats’ legislation would have extended current law for two years while paying for the lower student loan rates by closing certain tax loopholes. 

Credit: U.S. Dept. of Education

— Kery Murakami