Fellow Conservative,

It is well known that the federal government’s involvement in student loans has contributed dramatically to the rising cost of college education.

However, Biden’s newest regulation changes how loans are repaid and will cost American taxpayers BILLIONS of dollars. This will only make the cost of college worse by encouraging students to take out more loans resulting in colleges raising tuition and expecting the government to pick up the cost.

Currently, under the income-driven repayment plan (IDR), which is affordable by definition, borrowers pay about 10% of their discretionary income over about 20 years, and whatever’s left—including all accrued interest—is forgiven.

But the new rules dramatically change the calculus:

• payments are generally cut in half from 10% to 5% of income
• The number of payments is generally cut in half from 20 years to 10 years
• And the income under which payments are reduced to $0 is raised from 150% to 225% of the poverty line
• All payments, including “payments” of $0, trigger cancellation of that month’s interest.

This Big Education Bailout is also unfair to anyone who did not attend college because of the cost, or worked their way through college to avoid debt.

>>> But you have a chance to fight back! <<<

This rule is subject to public comment until February 10th. Anyone can submit a comment to oppose this rule. With enough opposition, the rule could be withdrawn or your comment could be used to strike it down in court!

>>>SUBMIT YOUR COMMENT TODAY<<<

Biden’s scheme would only make college more unaffordable for the next generation. Don’t let this happen!

Make your voice heard!

Janae Stracke
Director of Grassroots
Heritage Action