- President Joe Biden’s student loan forgiveness program is once again in jeopardy after Republican Rep. Bob Good of Virginia and Republican Senator Bill Cassidy of Louisiana announced new legislation on Monday designed to overturn the entire scheme.
- Under the two GOP politicians’ resolution, Congress will express opposition to Biden’s plan to cancel student debt and lay out plans to stop the program, which is currently being fought out in court.
- "The student loan transfer plan is just the latest in a series of costly moves by the Biden Administration which continue to drive up inflation. Rep. Good's Joint Resolution would allow Congress to formally revoke the authority the administration claimed it had to forgive loans," a press release explains.
- Senator Cassidy said in a statement that the president’s plan is not about forgiving debt, but “shifting the burden of student loans off of the borrowers who willingly took on their debt and placing it onto those who chose not to go to college or already fulfilled their commitment to pay off their loans.”
- The resolution will pass with just a simple majority in the Senate, though if that happens, the president is expected to veto it.
Why It Matters
- According to the White House, roughly 26 million Americans have already applied for student loan forgiveness, and 16 million have already been approved for relief.
- Cancelation of any debt, however, has yet to occur as a result of legal battles that are unlikely to end any time soon. A resolution opposing the loan forgiveness problem may not be passed in the Senate, though even if it is, it likely won’t change the views of President Biden and key figures in his administration. It will, however, make it harder for the president to get the plan moving ahead of the 2024 presidential election.