Senate Democrats prepare bill freezing student loan costs

Wednesday, April 25, 2012 | 9:44 a.m. CDT; updated 10:50 a.m. CDT, Wednesday, April 25, 2012

WASHINGTON — Senate Democrats are ready with an election-year bill preventing interest rates from rising for millions of college students with federal loans. Republicans are already balking at the way Democrats would cover its $5.9 billion price tag: boosting payroll taxes on the owners of some privately held firms.