House Republicans led a vote against a Biden administration student loan repayment option, citing concerns about cost and impact on taxpayers.
The resolution, passed under the Congressional Review Act, aims to block loan forgiveness based on family size and income, as well as for borrowers earning less than $15 an hour.
The Biden administration argues that requiring larger payments on federal student loans could risk the economic recovery and harm low- and middle-income borrowers. (Trending: Biden Bank Records Reveal Another Massive Bombshell)
“This new regulation, ironically dubbed the SAVE plan, is the most expensive regulation in our nation’s history, and is a backdoor attempt to ram the administration’s socialist free college fantasy down the throats of hard-working taxpayers,” claimed Rep. Lisa McClain.
“Not only does this plan shift the cost of loans from the borrower, the person who actually took out the loan, it shifts the cost to the person who never took the loan out, to begin with, the taxpayer … but it also will make college more expensive,” argued the lawmaker.
Biden’s Office of Management and Budget said Monday in a Statement of Administration Policy said, “It would be particularly harmful for low- and middle-income borrowers, community college students, and borrowers who work in public service.”
“We know there are so many more student loan borrowers who’ve been failed by this broken system and still need our help. We’re working really hard to fix the system, but we know that there’s so many that still need help,” said Education Secretary Miguel Cardona.
“We have no intention of slowing down,” he continued.
Adding, “Our regulatory effort to deliver much-needed relief to an even greater number of borrowers is moving forward.”
The Senate previously rejected a companion bill, and the administration has announced relief efforts totaling over $4.8 billion for student loan borrowers.
Biden and Education Secretary Cardona emphasized the administration’s commitment to improving the student loan system.
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