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U.S. President Barack Obama speaks before he signs a presidential memorandum on reducing the burden of student loan debt in the East Room of the White House in Washington, June 9, 2014. REUTERS/Larry Downing

U.S. student loan refinancing bill fails Senate hurdle

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WASHINGTON (Reuters) - Legislation to allow student loan borrowers to refinance at lower interest rates failed to clear a procedural hurdle in the U.S. Senate on Wednesday, dooming a measure that was a Democratic priority ahead of November congressional elections.

Democrats had said the bill would let holders of both federal and private undergraduate loans - some with rates of 9 percent or higher - to refinance at 3.86 percent. Republicans thought the legislation was too expensive.

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