Senate Republicans blocked a bill to keep college loan rates at 3.4 percent. Sen. Bernie Sanders said that's bad news for students coming out of college trying to start careers in a tough economy. Unless Congress acts, the interest rate on Stafford loans for low- and middle-income students will double on July 1. The bill to keep rates from rising could come up for another Senate vote later this week. In an interview on Wednesday with radio host Ed Schultz, Sanders said students already are "being crushed" by loans to help them pay college for tuition costs that are rising faster than inflation.