WASHINGTON, D.C. – On May 24, the House voted to pass Congressman Bob Good’s (VA-05) Congressional Review Act (CRA) resolution to overturn President Biden’s unlawful student loan transfer scheme by a vote of 218 to 203.
“President Biden’s student loan transfer scheme shifts hundreds of billions of dollars of payments from student loan borrowers onto the backs of the American people,” said Good. “I am proud to lead the fight against President Biden’s reckless, unilateral, and unauthorized action that would unfairly penalize those who worked hard to pay off their loans or who never took them out in the first place. I am pleased that my Republican colleagues overwhelmingly supported my legislation on the House Floor.”
Read more about the legislation exclusively on The Daily Caller.
The CRA is Rep. Good’s first legislation to pass the House floor in the 118th Congress. It now heads to the Senate for consideration.
Background:
- The student loan transfer scheme is estimated to cost taxpayers between $315 billion and $980 billion over the next 10 years.
- This expense is on top of an estimated $195 billion from repayment pause since March 2020, lasting through the summer of 2023 and $230 billion for the new Income-Driven Repayment Plan.
- Across the country, more than 92% of all student loan debt comes from federal loans – totaling over $1.6 trillion. This debt is held by only 13% of the population.
Original source can be found here
