Republican lawmakers today derailed a Senate vote to prevent student loan interest rate from doubling this summer.

S. 2343 “Stop the Student Loan Interest Rate Hike Act of 2012″ fell short of the 60 votes necessary to overcome the Republican filibuster. The cloture vote failed 52-45.  

Republican Senators blocked the bill despite earlier bipartisan consensus that the interest rate for federally-subsidized college loans should remain at 3.4% through July 1, 2013. But without Congressional action, the student loan interest rate will nearly double to 6.8% beginning on July 1. The rate increase will impact about 7.4 million American students, with each student paying an average of $1,000 more as a result.

Read more: Student loan delinquency rate climbs above 20%

“Today, Republicans voted to hit students with an additional $1,000 in debt in order to protect wealthy tax dodgers. Republicans have paid lip service to the need to protect our students from this crushing debt burden, but their obstruction speaks louder than their words,” said Sen. Harry Reid (D-Nev.), who sponsored S. 2343.

In this case, the partisan disagreement centers around how to pay for the cost. The Congressional Budget Office estimated that keeping the interest rate at 3.4% for another year would cost nearly $6 billion.

Republicans want to offset the cost by cutting $6 billion in federal spending. On the other hand, Reid’s bill would pay for the costs by closing tax loopholes to prevent lobbyists, consultants, and investment managers from underreporting their corporate and self-employment taxable incomes.

“If Republicans want to have a vote on an amendment with their alternative way to pay for the proposal, they are more than welcome to have that vote if doing so would move this bill closer to the President’s desk,” challenged Reid.

The U.S. student loan debt is estimated to be at $870 billion, which surpasses both credit card ($693 billion) and car loan ($730 billion) debt, and a recent report by the Federal Reserve Bank of New York found that nearly 1 in 4 borrowers are struggling to repay their student loans. Some experts fear that the college loan debt bubble could spark the the next debt crisis.

List of Republican Senators who voted to block S.2343:

• Lamar Alexander (R-TN)
• Kelly Ayotte (R-NH)
• John Barrasso (R-WY)
• Roy Blunt (R-MO)
• John Boozman (R-AR)
• Scott Brown (R-MA)
• Richard Burr (R-NC)
• Saxby Chambliss (R-GA)
• Dan Coats (R-IN)
• Tom Coburn (R-OK)
• Thad Cochran (R-MS)
• Susan Collins (R-ME)
• Bob Corker (R-TN)
• John Cornyn (R-TX)
• Mike Crapo (R-ID)
• Jim DeMint (R-SC)
• Mike Enzi (R-WY)
• Lindsey Graham (R-SC)
• Chuck Grassley (R-IA)
• Orrin Hatch (R-UT)
• Dean Heller (R-NV)
• John Hoeven (R-ND)
• Kay Bailey Hutchison (R-TX)
• James Inhofe (R-OK)
• Johnny Isakson (R-GA)
• Mike Johanns (R-NE)
• Ron Johnson (R-WI)
• Jon Kyl (R-AZ)
• Mike Lee (R-UT)
• John McCain (R-AZ)
• Mitch McConnell (R-KY)
• Jerry Moran (R-KS)
• Lisa Murkowski (R-AK)
• Rand Paul (R-KY)
• Rob Portman (R-OH)
• James Risch (R-ID)
• Pat Roberts (R-KS)
• Marco Rubio (R-FL)
• Jeff Sessions(R-AL)
• Richard Shelby (R-AL)
• John Thune (R-SD)
• Pat Toomey (R-PA)
• David Vitter (R-LA)
• Roger Wicker (R-MS)

Learn More:

• Thomas.LOC.gov: S. 2343 “Stop the Student Loan Interest Rate Hike Act of 2012″
• Senate.gov: U.S. Senate roll call vote on motion to invoke cloture on the motion to proceed to consider S. 2343
• Congressional Budget Office: Estimate of Budgetary Effects of S. 2343, the Stop the Student Loan Interest Rate Hike Act of 2012, as Introduced on April 24, 2012 (PDF)
• Congressional Budget Office: Estimated Budgetary Impact of Bills to Prevent the Scheduled Increase in Interest Rates on New Federal Student Loans
• WhiteHouse.gov: Statement by the Press Secretary on Senate Republicans Blocking Bill to Prevent Student Interest Rates from Doubling
• WhiteHouse.gov: Don’t double my rate
• Democrats.Senate.gov: Reid Statement On Republican Obstruction Of Bill To Prevent Student Loan Interest Rates From Doubling
• Consumer Financial Protection Bureau: Consumer Financial Protection Bureau now taking private student loan complaints
• WhatTheFolly.com: Student loan delinquency rate climbs above 20%