Senators block student loan bill

Oklahoma Senators Jim Inhofe and Tom Coburn say the financing legislation does not get to the root of the problem, which they believe to be skyrocketing college costs.

"Higher education is one of the key tools in lifting young people out of poverty and setting them on a path to success," Inhofe said. "However, the cost of education has grown at an unsustainable rate and the federal government encourages these cost increases, giving universities no incentive to cut back."

Inhofe also said the bill fails to distinguish between low-income individuals who are truly in need of relief and working adults who can afford to pay these loans back.

The legislation would have been paid for by closing a tax loophole that allows some millionaires to pay lower tax rates than some middle class families.