WASHINGTON, D.C. - U. S. Senator Martin Heinrich (D-N.M.) released the following statement after Senate Republicans filibustered the Bank on Students Emergency Loan Refinancing Act, a proposal he cosponsored to allow 134,000 New Mexicans with outstanding student loan debt to refinance at the lower interest rates currently offered to new borrowers.
"Republicans who decided to filibuster this proposal don't seem to understand that crushing student loan debt is a serious economic issue in this country that prevents many from starting a family or business, and impedes many others from saving for retirement. Higher education is one of the most important investments a person can make for their future, and everyone should have the opportunity to afford it. This bill would have benefited thousands of New Mexicans -- many of whom are struggling to make ends meet in a tough economy. It's time to give them, and everyone who's working hard to get ahead, a fair shot to succeed. Senate Republicans should reconsider their priorities and have the will to allow this bill to move forward so we can provide immediate relief to student loan borrowers and strengthen our economy."
Senator Heinrich voted to advance the bill, which failed a procedural vote of 56 to 38, four short of the 60-vote threshold needed to break a filibuster.