White House threatens veto of student loan bill

Thursday, May 23, 2013

There is a little bit of overlap between student loan interest rate reform proposals from Minnesota Rep. John Kline and President Obama, but not enough for the latter to sign the former's into law.

The White House threatened to veto Kline's interest rate bill on Wednesday, a day before the House is set it take it up. Kline's bill would align student loan interest rates with the cost of federal borrowing, plus a couple of points. It's similar to a plan Obama proposed last month, only the rates are set a bit higher, they vary from year to year, and Kline's bill doesn't fund additional college affordability efforts Obama supports.

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