ALBANY, N.Y. – Senate Republicans have blocked an election year attempt by Democrats to let people refinance their student loan debt at lower rates.
The 56 to 38 vote on Wednesday fell short of the 60 votes needed to proceed to debate.
The bill, Senator Elizabeth Warren of Massachusetts, would have allowed people with student loans to refinance the debt at today's lower rates.
The Obama Administration said it could have helped some 25 million borrowers save $2,000 each.
Republicans said the bill wouldn't have done anything to lower education costs or reduce borrowing.
Senator Kirsten Gillibrand says she's disappointed in the vote.
In a statement she says “Once again, obstructionism has trumped common sense in the U.S. Senate, and this time it is over 2 million graduates in New York State alone who are paying the price."
She also says the bill would've helped tens of millions of graduates.