The issue of student debt and loans has become a contentious one. It particularly has become a cause of concern for students and recent graduates who find the rise in interest and price of higher education a daunting one. However, attempts by the administration to improve on the situation have been halted.

Sen. Elizabeth Warren, D-Mass., attempted to introduce a bill that would refinance student debt. According to CBS News, the bill was introduced on Wednesday and swiftly died on the Senate floor before even being introduced for debate, not having earned enough votes pass a procedural hurdle.

The vote was 56 for and 38 against, and while the Democrats had the clear majority, it was not enough to clear 60 votes and prevent a filibuster. The bill would help around 40 million people pay a lower interest rate on their student loans. Though both sides of the aisle have said they want to reform student loans, Sen. Warren's plan, however, was not one Republicans approved of, according to CBS News.

She hoped to raise the minimum income tax to 30 percent for those earning between $1 million and $2 million a year.

"Today is a really good day for billionaires. For the 40 million people dealing with student loan debt, it wasn't such a good day," Warren said after the vote. "This raises the fundamental question: Who does Washington work for? Does it work for those who can hire armies of lobbyists to make sure that every single loophole in the tax code is protected for them? Or does it work for young people who are trying to get started in life?"

However, Republicans argued that Democrats simply want the issue to become another topic for the elections and do not care for student debt. Nonetheless, by preventing the bill from passing and prolonging the issue, Republicans themselves have turned it into a campaign topic.

President Obama recently has been championing student loan and debt reform and has asked Congress to pass laws that will reform the system or help students. According to Time Magazine, the president has already exercised his executive authority on the issue, capping borrower's repayment at 10 percent of their monthly income. The plan would help around 5 million people who took out loans before October 2007 or stopped borrowing by October 2011.

Yet, according to Mother Jones, the student debt problem is one that has deep financial ramifications. Around 40 million people owe money for their college education, and student debt is estimate to be around $1.2 trillion. The burden of paying such high costs and interests have prevented many from taking risks in seeking jobs as well as preventing them from making large purchases like cars or homes. 

Mother Jones explained that refinancing student debt would have cost taxpayers around $51 billion, but Sen. Warren's plan that would raise taxes on the very rich would create an income of $72 billion in new revenue.