The Senate halted a bill from Sen. Elizabeth Warren (D-Mass.) that would have allowed students with old government loans to refinance them. Instead of continuing to pay interest at, say, the 6.8 percent rate that prevailed for many years, they could take the 3.86 percent rate the government is offering current borrowers. Ms. Warren’s plan had some appeal, and Democrats will no doubt harp on its rejection in the coming campaign. It seems only fair to let more debtors in on the deal that the government is offering current students. But those paying higher rates already got a good deal, tak...