House Speaker John Boehner, R-Ohio, today signaled House support for the market-based student loan plan the Senate passed yesterday. Boehner said it's "entirely consistent with the House Republican bill that passed in May."
"Senate Democrats finally joined Republicans in passing a permanent, market-based solution on student loans. This bipartisan victory is a victory for students and for our economy," Boehner said at a news conference.
He added: "As for the Democratic leaders in the Senate, all I can say is, what took you so long?"
Both plans base student loan interest rates on the market an have caps. The Senate version is somewhat different from the House one, though. For example, the Senate bill sets rates for the life of a loan, and the House version had adjustable rates. The House version also raised money from the student loan program for deficit reduction. The Senate bill was aimed at making the program not cost or profit the federal government.
The House is now expected to vote on the Senate's version next week.
The bill is likely to have smooth sailing there.
Rep. George Miller, D-Calif., the senior Democrat on education issues in the House, wrote to Boehner yesterday and asked him to bring the Senate bill up for a vote and pass it.