Democratic-sponsored legislation to allow student loan borrowers to refinance at lower interest rates failed to clear a procedural hurdle in the U.S. Senate on Wednesday.
The Senate voted 56-38 to end debate and move to a final vote, short of the 60 votes required.
Democrats had said their measure would let holders of both federal and private undergraduate loans - some with rates of 9 percent or higher - to refinance at 3.86 percent.
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