Ranking Member Cassidy, Chairwoman Foxx Blast Biden's Newest Student Loan Scheme Announcement

"President Biden's student loan scheme is still illegal and does not forgive debt but instead transfers it from those who willingly took on the debt to those who never went to college or sacrificed to pay their student loans," said Dr. Cassidy. "Just like Biden's student debt transfer scheme, this IDR rule is deeply unfair to the 87 percent of Americans who currently have no student loans and will now have to foot the bill for someone else's debt. The additional year-long pause on student loan repayment is a direct violation of the debt ceiling agreement President Biden made with Speaker McCarthy."

"Taxpayers just got sucker punched -- again -- by this administration," said Representative Foxx. "Today, President Biden announced that taxpayers will be forced to pay for the costliest regulation in our nation's history, which will only exacerbate inflated college costs and excessive debt balances. Additionally, Biden confirmed plans to ignore the law and extend the repayment pause while also ignoring the Supreme Court and still trying to do blanket loan forgiveness. What the President is pushing is illegal, inflationary, and irresponsible."

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