Ranking Member Cassidy, Colleagues Unveil Landmark Package to Lower Education Costs and Student Debt

Press Release

"Our federal higher education financing system contributes more to the problem than the solution. Colleges and universities using the availability of federal loans to increase their tuitions have left too many students drowning in debt without a path for success," said Dr. Cassidy. "Unlike President Biden's student loan schemes, this plan addresses the root causes of the student debt crisis. It puts downward pressure on tuition and empowers students to make the educational decisions that put them on track to academically and financially succeed."

"Iowans understand that when you take out a loan, you have a responsibility to pay it back. The Biden administration's plan to forgive student debt would only transfer the burden of repayment onto American taxpayers, costing them billions of dollars. That's an outrageous approach to the student debt crisis. It's as effective as closing the barn door after the horses have already gotten out," said Senator Grassley. "Our legislative package takes a proactive approach by informing students and their families of their best options, and I'm proud to see my legislation included in the package."

"Student loan repayment should not fall on the backs of hardworking American taxpayers, and students should not be getting federal loans for degrees that don't result in better-paying jobs," said Senator Cornyn. "I'm proud to join my colleagues in supporting this legislation to streamline this confusing system, save students money, and ensure higher education is accessible to Americans without an out-of-touch loan cancellation scheme."

"More and more of our students are paying more to get less," said Senator Tuberville. "Over my four decades as a Coach, I watched prices go up and academic achievement go down all across our nation, and that was one of the reasons I ran for Senate. Today, Senate Republicans are putting forward a plan that would ease the burden on the taxpayer, and especially ease the burden on young people starting out. This legislation would be the first step to ensuring that America's future generations get a better deal."

"Education is the closest thing to magic in America. Ensuring access to an affordable, high-quality education -- from grade school to post-secondary -- is the key to a brighter future," said Senator Scott. "President Biden continues to push his illegal and unconstitutional student loan scheme, which forces hard working Americans to shoulder debt they never signed up for. In stark contrast, this groundbreaking, conservative package attacks the root cause of skyrocketing student loan debt, seeks to drive down the cost of education, and sets all students up to succeed."

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