Senator Elizabeth Warren’s “Bank on Students Act” that would have allowed borrowers to refinance their student loans just like homeowners can with their mortgages, lowering their interest rate and saving money, was killed by the GOP in the senate.

Students lost out to the banks.

Mitch McConnell and the Senate Republicans could have chosen to help millions of Americans afford a college education. Instead, they sided with the big banks and rejected the bill.

Elizabeth Warren offered this list of excuses being used by the Republicans to justify their action in a recent email:

“Excuse #1: Some Republicans say that the benefit of letting people refinance their student loans is too small. Too small? Tell that to young people with 8%, 10%, even 12% interest rates (and higher on some of the private loans). They could save hundreds — or even thousands — of dollars on their excessive student loan payments each year.

But if the Republicans really think the benefit of the bill is too small, I’ll call their bluff. I’m all for finding ways to give our students an even bigger break.

Excuse #2: Some Republicans say that the $1.2 trillion in outstanding student loan debt just isn’t a big deal — that we should be focused on the rising costs of college instead. Yes, the rising cost of college is a terrible problem — and we need to stop it — but that doesn’t mean we shouldn’t do anything for the millions of people who already went to school and are being crushed by debt.
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But if the Republicans really want to do more, I’ll call their bluff. Let’s work together to do even more to help our students. I’m ready.

Excuse #3: Some Republicans don’t like that the bill is paid for by closing the tax loopholes for millionaires and billionaires and making them pay their fair share.

But if the Republicans’ only problem with the bill is how it’s paid for, I’ll call their bluff. If they have ideas on other ways to pay for it, we’re eager to listen.

Excuse #4: Some Republicans — including Mitch McConnell — went so far as to say that Democrats don’t really want this bill to pass.

Really? That’s just plain ridiculous. Only in Washington can you vote against something, and then when it doesn’t pass, blame the people who voted for it.”

Luckily, Senator Warren is not going to just roll over.

One way to help is to get people we know, and remember ourselves, that we do not want to Senate to go GOP in November
.