'A Good Day for Billionaires,' a Bad Day for Student Loan Borrowers

“Today is a really good day for billionaires. For the 40 million people dealing with student loan debt, it wasn’t such a good day.”

Those comments were made by Senator Elizabeth Warren (D-Mass.) Wednesday after her Bank on Students Emergency Loan Refinancing Act, which would allow those with older student loans to refinance at the current 3.86 percent rate, failed to get the votes needed to move the legislation forward.

With a 56-38 vote, the legislation was four votes short.

The effort would have been paid for by enacting the so-called Buffett rule, which would require millionaires not to pay less than 30 percent of their income in taxes.