The Senate chose not to support Sen. Elizabeth Warren's (D-Mass.) bill that would have allowed student loan borrowers to refinance at a lower rate.

According to the Huffington Post, the Senate voted 56-38 Wednesday for the bill, but it fell short of the necessary 60 votes to overcome an opposing Republican filibuster. Under Warren's proposal, borrowers with student loans owned by the Education Department would be able to refinance those loans at a lower rate, making it easier to pay off.

"With this vote we show the American people who we work for in the United States Senate: Billionaires or students," Warren said in a statement ahead of the vote.

She also argued unpaid student loan debt needs to be addressed because it is an "economic emergency that threatens the financial futures of Americans and the stability of our economy."

Since 2007, about 40 million borrowers owe a total of $1.2 trillion in student loan debt, an average of $30,000 per person. Studies have shown that people weighed down in student loan debt are more likely to accrue credit card debt and put off other major financial decisions like starting a family and buying a home.

Republicans voted against Warren's bill and argued it would not lower the cost of college nor would it be the best way to help post-grads work their way out of debt. Still, the bill garnered mostly approval, just not the amount of votes it needed.

Although the Obama Administration endorsed Warren's bill last week, the HP reported that was just a ploy and that the President was not serious about supporting it. Obama followed up that move by announcing his intention to sign an executive action to help student loan borrowers.

According to Reuters, Obama's action would allow borrowers to cap their monthly payments at 10 percent of their income. An unnamed White House official said the President wanted to bypass a vote on a bill with his executive action.

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