Student loan bill fails in U.S. Senate

By KBJR News 1

June 11, 2014 Updated Jun 11, 2014 at 11:31 PM CDT

Washington D.C. (NNCNOW.com) - A bill aimed at cutting student loan debt for half-a-million Minnesotans, failed to move forward in the U.S. Senate.

The student loan refinancing bill, co-sponsored by Senator's Amy Klobuchar and Al Franken was blocked in the Senate Wednesday in a 56 to 38 vote.

Minnesota is the fourth highest state in the nation when it comes to student debt at graduation, averaging over $30,000.

Senator Franken calls the vote by the Senate disappointing, but says he will continue to work to bring relief to thousands of Minnesotans drowning in debt.

"I do college affordability round tables all across our state and it's very hard for kids in Minnesota, uh, to go to college and many are working 20, 30, 40 hours a week and still graduating with debt," said U.S. Senator Al Franken.

40 million Americans have outstanding student loan debt, totaling $1.2 trillion, making it the second-largest form of consumer debt in the U.S., second only to mortgages.