U.S. Senators Bill Cassidy, M.D. (R-LA), ranking member of the Senate Health, Education, Labor and Pensions (HELP) Committee, John Cornyn (R-TX), and Joni Ernst (R-IA) announced Friday that they will introduce a Congressional Review Act (CRA) resolution to overturn President Biden’s student loan cancelation scheme, which would transfer up to $20,000 in student loan debt per borrower onto taxpayers, costing an estimated $400 billion. This comes after the Government Accountability Office (GAO) confirmed that the student loan policy is classified as a rule and can be overturned under the CRA.
Recently, the Supreme Court heard oral arguments in the cases Biden v. Nebraska and Department of Education v. Brown on whether the student cancelation program is unconstitutional and violates President Biden’s executive authority. The Supreme Court is expected to issue an opinion on the policy this summer.
“President Biden’s student loan scheme does not ‘forgive’ debt, it just transfers the burden from those who willingly took out loans to those who never went to college, or sacrificed to pay their loans off,” said Dr. Cassidy. “Where is the relief for the man who skipped college but is paying off his work truck, or the woman who paid off her loans and is now struggling to afford her mortgage? This resolution prevents these Americans, whose debts look different from the favored group the Biden administration has selected, from picking up the bill for this irresponsible and unfair policy.”
“The Biden administration’s tuition bailout is bad public policy, and it’s unfair to people who’ve paid their college debt off by working multiple jobs or consciously meeting their obligations,” said Senator Cornyn. “This would block President Biden’s political gambit from driving up inflation, incentivizing universities to raise tuition, and forcing hardworking Texans to pay off the debts of wealthy graduates.”
“President Biden’s unfair attempt to transfer nearly half a trillion dollars in student debt to American taxpayers only helps the wealthy and hurts working families. Why should Iowans who chose to go straight into the workforce or pay for their own education foot the bill? Despite the administration’s attempts at avoiding Congressional oversight, we’re working to protect hardworking Americans and put a stop to the president’s reckless actions,” said Senator Ernst.
Last month, Cassidy joined U.S. Senator Marsha Blackburn (R-TN) and 41 other senators in filing an amicus brief to the Supreme Court challenging the Biden administration’s student loan cancelation program, which they say circumvents the authority of Congress.
Additionally, Cassidy called out President Biden’s income-driven repayment (IDR) rule, which would result in a majority of bachelor’s degree holders not having to repay their loans and will cost taxpayers an estimated $230 billion. Cassidy also joined U.S. Senator John Thune (R-SD) in introducing the Stop Reckless Student Loan Actions Act, which would end President Biden’s current student loan pause that has cost Americans $195 billion.
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