We reported earlier that the interest rate for new federal student loans doubled from 3.4% to 6.8% on July 1 because Congress failed to agree on new legislation. The Senate tried again yesterday, but again failed. A bill sponsored by Senate Democrats would have brought the rate back down to 3.4% for one year, retroactive to July 1. The bill had more "yes" votes than "no" votes, by 51-49, but that was far short of the 60 votes needed for the bill to advance. Getting 60 votes on any bill that would fix the rate at 3.4% seems unlikely because three Senate Democrats now favor a bi-partisan proposal that would allow loan rates to float, along with rates on 10-year Treasury bonds. Read more in this article by Chris Good.