Student Loan Forgiveness Overturned?

Photo by Charles DeLoye on Unsplash

On Monday (March 26), Senate Republicans introduced a resolution that would overturn President Joe Biden’s student loan forgiveness program.

GOP Senators Bill Cassidy (LA.), ranking member for the Health, Education, Labor and Pensions Committee, Joni Ernst (Iowa), and John Cornyn (Texas), led the introduction of a Congressional Review Act Resolution that would dissolve the student loan forgiveness plan.

Besides the three, thirty-five Republican Senators have signed on to the resolution.

Biden announced the student loan forgiveness plan — a cornerstone of his 2020 Presidential campaign — during the second half of last year.

The program is intended to forgive up to $20,000 in student loan debt to eligible individuals but is currently being held up in the Supreme Court as Justices decide the program’s fate.

Projections from the Congressional Budget Office show the program will cost roughly $400 billion over the next 30 years.

The Congressional Review Act enables members of Congress to review and overturn any regulation by a federal agency.

Republican Senators decided to move ahead with the resolution after the Government Accountability Office declared that Biden’s Student loan forgiveness is subject to the act.

Cassidy, who is leading the effort by the GOP Senators, asserted Biden’s Student loan forgiveness was “shifting the burden of student loans” from those who willingly took on the debt to those who haven’t gone to college or who have paid off their student loan debt.

However, the resolution is unlikely to overturn the President’s plan as it would need his signature to be effective.

As a result, the move is seen as a way to force Democrats to take a decisive stance on Biden’s program.