published : 2023-09-05
Senate Republicans Push Back on Biden's Student Loan Plan for the Second Time
Republicans argue that Biden's plan unfairly burdens taxpayers
Senate Republicans are once again opposing President Biden's efforts to pursue student loan forgiveness.
After the Supreme Court blocked his initial plan to forgive up to $20,000 for certain federal borrowers, Biden announced an alternative plan in late June.
However, Republicans argue that this latest scheme merely transfers the burden from those who took out loans to those who chose not to attend college or have already responsibly paid off their debts.
Leading the opposition, Senator Bill Cassidy, the top Republican on the Senate Committee for Health, Education, Labor and Pensions (HELP), stated, 'Once again, Biden's newest student loan scheme only shifts the burden from those who chose to take out loans to those who decided not to go to college, paid their way, or already responsibly paid off their loans.'
Senators Cassidy, John Thune, and John Cornyn introduced a measure aimed at repealing the latest plan.
Earlier this year, lawmakers in both chambers voted to override Biden's initial student loan plan, but the president vetoed the legislation.
The latest Congressional Review Act (CRA) against Biden's new student loan plan is backed by at least a dozen Republican senators and already has a companion bill in the GOP-led House.
However, it remains uncertain whether Majority Leader Chuck Schumer will bring the CRA to the Senate floor for a vote, despite being a vocal supporter of student loan forgiveness efforts in the past.
Critics argue that both of Biden's plans are 'handouts' that fail to address the underlying issue of soaring university costs.
Senator Thune commented, 'Instead of creating a real plan to lower the costs of higher education, President Biden continues to propose budget-busting student loan bailouts that would force 87% of Americans who do not have student loan debt to bear the costs of the 13% of Americans who do.'
While forgiving student loan debt was a prominent promise in Biden's campaign, his initial plan was struck down by the Supreme Court, and his backup plan relies on the 1965 Higher Education Act.
This backup plan allows the Education Secretary to waive or modify student loan debt but entails a longer regulatory process.
Senate Republicans are determined to challenge President Biden's student loan plan once again, sparking debates about fairness and the true resolution to the escalating issue of student debt.