House Republicans Rebuke Biden’s Student Loan Debt Relief Plan
The U.S. House of Representatives passed H.J. Res. 45, providing for congressional disapproval under chapter
8 of title 5, United States Code, of the rule submitted by the Department of Education
relating to ‘‘Waivers and Modifications of Federal Student Loans’’. It passed by a vote of 218-203.
This resolution would overturn the Department of Education’s
(ED) rule that extended the pause for student loan payments, interest accrual
and collection until Dec. 31, 2022 and outlined the Biden administration’s plan
to cancel up to $10,000 for borrowers or up to $20,000 for borrowers who were
Pell Grant recipients whose income is under $125,000 or couples whose joint income is less than $250,000.
Additionally, the resolution would require both current borrowers
and former borrowers who have had their loans either forgiven under one of the
student loan forgiveness plans or paid off during the student loan payment pause,
pay back a certain amount of accrued interest and payments. It would also stop
ED’s implementation of a revised income-driven repayment plan.
Though the House passed the resolution, the resolution still has to pass the Senate
where its prospects are uncertain. The President issued a “Statement of Administration Policy,” stating that he would
veto the resolution if it passes out of Congress.