On Wednesday, Senate Republicans on Wednesday blocked a bill that would have allowed existing borrowers to lower the interest rate on their student loans, according to The Chronicle of Higher Education.
In a procedural vote, Democrats fell four votes short of the 60 they needed to bring the measure to the Senate floor. In the tally, three Republicans joined 53 Democrats in voting to proceed, while 37 Republicans voted to halt the measure. Six senators, including one Democrat, did not vote.
The bill, S. 2432, introduced by Sen. Elizabeth A. Warren (D-MA), would have allowed struggling borrowers to refinance their loans at current interest rates. Republicans opposed the measure because it would have been paid for with a tax increase on millionaires.
In a statement issued after the vote, Sen. Tom Harkin of Iowa, chairman of the chamber's education committee, accused Republicans of putting politics "ahead of helping American families" and "hurting millions of borrowers with outstanding student loans." He hinted that Democrats would revisit the measure as part of work later this year to reauthorize the Higher Education Act.
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The Chronicle of Higher Education
http://chronicle.com/article/Senate-Republicans-Block-Bill/147037