Student loan refinancing bill stalls in Senate

By WEEK Producer

June 11, 2014 Updated Jun 11, 2014 at 10:46 PM CDT

WASHINGTON, D.C. -- The U.S. Senate voted not to move forward a student loan refinancing bill today.

The vote in the Senate was 56-38, four votes short of the 60 votes needed to progress.

Democrats blamed Republicans for blocking the bill, which would have allowed students to refinance their college loans at lower rates.

"Refinancing college loans? The message from the Republicans is 'Get lost,'" said Senator Dick Durbin of Illinois.

Republicans, meanwhile, said Democrats were capitalizing on the student loan debt issue for their own political purposes.