On Wednesday, the Senate voted against a bill filed by Sen. Elizabeth Warren, D-Mass., that would allow college graduates to refinance their outstanding student loans at lower interest rates. 

Despite the public outcry about mounting student loan debt, Republican leaders widely dismissed the measure as a progressive political stunt during an election year because it called for a new tax on millionaires and billionaires to cover the cost. 

While Washington continues to argue over how to help families pay for college, there's no disputing the rising debt load facing students. And that has some critics calling even the modest loan reform measures insufficient.

Watch: WGBH's Emily Rooney speaks with Mike Wasserman, executive director of the nonprofit Bottom Line Massachusetts. 

In March, WGBH's On Campus explored how understanding payment options is increasingly important for students: