“There are too many politicians in Washington who don’t have the right priorities,” Obama told high school graduates in Worcester, Massachusetts, as he chided Republicans for rejecting the student loan bill. “We need to straighten them out. And maybe they forgot where they came from and who invested in them along the way.”
The Obama administration said Warren’s bill could have helped some 25 million borrowers save $2,000 each over the lifetime of their loans. It would have allowed people with older loans at higher interest rates refinance to rates below 4 percent offered today under a deal reached a year ago in Congress.
Three Republicans joined all Democrats in voting to proceed to debate on the bill: Susan Collins of Maine, Bob Corker of Tennessee and Lisa Murkowski of Alaska.
Some 40 million Americans have outstanding student loan debt totaling $1.2 trillion, making it the second-largest form of consumer debt, second only to mortgages, according to Warren’s office. People 60 and older account for some $43 billion of outstanding student loan debt.