A group of Senate Republicans led by Sen. Bill Cassidy (R-LA) introduced a Congressional Review Act resolution on Tuesday that would repeal the Biden administration's changes to the student loan income-driven repayment program.
Earlier this year, the administration unveiled a series of changes to the program, which allows borrowers to make payments on their student loans based on their monthly income. The loans can then be forgiven after a period of time.Under the Biden administration's rules, borrowers will be required to make monthly payments equal to 5% of their discretionary income, defined as income above the poverty line.
The administration has pushed the changes to the program as student loan payments are set to resume next month and interest on student loans began accumulating on Sept. 1. President Joe Biden had sought to cancel up to $20,000 in student loans for borrowers who make less than $125,000, but the plan was struck down by the Supreme Court in June.
In a statement, Cassidy said that the Congressional Review Act resolution was a necessary effort to prevent the Biden administration from shifting the burden of student loans to taxpayers who do not have loans. “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,” Cassidy said. “Our resolution protects the 87% of Americans who don’t have student debt and will be forced to shoulder the burden of the President’s irresponsible and unfair policy.
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