A group of Republican senators has introduced legislation to prevent President Joe Biden from canceling student loan debt.
Sens. Mitt Romney of Utah, Richard Burr of North Carolina, Tim Scott of South Carolina, Bill Cassidy of Louisiana and Thom Tillis of North Carolina are pushing the proposal as it seems likely the Biden administration will move on, sort of of student debt relief.
Biden said last month that he was “considering delving into a debt reduction,” though he said a $50,000 debt reduction was not on the table — some Democrats have endorsed for Biden to cancel up to $50,000 of federal student loan debt per person.
according to a press releaseRomney said that “while the President’s legal authority to forgive this debt is dubious at best, our bill would ensure that he would be prevented from taking action.”
“Taxpayers who didn’t get higher education or paid off their student loans responsibly shouldn’t be footing the bill for those who didn’t,” Burr said. “Not only is that obviously unfair, it doesn’t solve the real problem. The unilateral cancellation of student loan debt will only encourage colleges and universities to keep increasing tuition and encourage future borrowers to take out even riskier loans. Congress must pass student loan accountability Act to clarify that this legally dubious and undeniably damaging government proposal cannot stand.”
The move is unlikely to stand a chance as Democrats currently control both houses of Congress and the White House.
Many Americans find the concept of student loan forgiveness deeply unfair.
“It would be very unfair to eliminate it,” former Federal Reserve Chairman Ben Bernanke said, according to the New York Times. “A lot of the people who have high college debt are professionals who are going to move on in their lives and make a lot of money. So why would we choose her over someone who didn’t go to college, for example?”
The press release accompanying the proposal said the measure would “preclude the Department of Education, the Department of Justice and the Department of Treasury from taking any action to cancel or waive the outstanding balances or portions of covered loan balances.” Exceptions for Certain Existing Loan Forgiveness Programs.
https://www.theblaze.com/news/bill-block-cancellation-student-debt GOP senators propose bill to block Biden from forgiving student debt