group of 130 Republicans I sent letter On Friday, the Biden administration called on the U.S. Department of Education to rescind a federal student loan “forgiveness” plan that requires U.S. taxpayers to shoulder the burden of student loans.
According to an April report from the Committee for a Responsible Federal Budget, the administration’s large-scale debt forgiveness $750 billion into a national deficit.
Last year, the Supreme Court rejected the administration’s attempt to unilaterally zero out borrowers’ federal student loan debt. Since then, the White House Several small but similar programs The Savings on a Valuable Education Plan is a new income-driven repayment plan that bases monthly payments on a borrower’s income.
“Backdoor Attempt to Establish ‘Free’ University”
“The Department’s latest Notice of Proposed Rulemaking (NPRM) for April 17, 2024 is the latest in a series of reckless attempts,” Republican lawmakers wrote in a letter to Education Secretary Miguel Cardona. It belongs to.” It would shift $1 trillion in student loan debt from those who borrowed willingly to those who did not borrow or have already paid it off. ”
The proposed NPRM mentioned in the letter is referred to by “amending” a recent White House proposal to “provide targeted debt relief.”[ing] “Make the Department’s existing debt recovery rules more specific about the specific circumstances in which the Secretary may exercise discretion to forgive all or a portion of a debt owed to the Department.” Federal Register submission. This regulation would amend the Higher Education Act of 1965.
“We strongly urge reversal,” the Republican letter said.
“Although the Biden administration has described this regulation as “targeted relief,” the department’s own estimates show the opposite. It is even broader than the department’s initial effort, and the estimated cost At $147 billion, taxpayers are being forced to shoulder the burden of debt “out of approximately 28 million borrowers,” the letter continued. “Furthermore, while the department may not want to emphasize how much its proposal will help the wealthy, outside estimates suggest that the typical type of borrowers who would be eligible for ‘relief’ under certain provisions of this proposal.” Revenue will exceed $300,000.
Republicans, led by House Education and Labor Committee Chair Virginia Foxx, called the proposal “fiscally irresponsible” and a “backdoor attempt to enact ‘free’ college.” The lawmakers called the administration “a slammer for its blatant racism and its racism.”[ing] Borrowers are being used as political pawns, knowing full well that the proposed actions are illegal.”
Lawmakers argued that the Supreme Court had already ruled the White House’s “Plan A” debt cancellation unconstitutional. The administration’s new strategy, Plan B, “costs almost twice as much as Plan A,” they wrote.
“‘Plan B’ depends on creating these broad regulations based on the meager legal text written in 1965,” the letter explains. “The 1965 framers certainly did not envision that these words would be used to cancel the majority of student loan balances until their final reauthorization in 2008. It has no history of widespread use by previous commissioners and has been previously deemed by commissioners. This regime is less likely to hold up in court than ‘Plan A.’
Other senators who signed the letter to Cardona include Bill Cassidy (R-Labada), Marsha Blackburn (R-Tenn.), Jim Banks (R-Ind.), and Ted. Mr. Cruz (R., Texas), Lindsey Graham (RS.C.), Josh Hawley (R., Missouri), Mitch McConnell (R., Kentucky), Lauren Boebert (R., Colorado), Mitt. – Romney (Republican, Utah).
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