Washington – U.S. Senator Roger Marshall, M.D. voted to overturn Joe Biden’s student loan bailout on Thursday. The Congressional Review Act (CRA) blocking Biden’s student loan forgiveness scheme passed the senate with bipartisan support. This measure protects those who did not attend college or already paid off their student loan from being responsible for this debt.
Senator Marshall released the following statement after voting down President Biden’s student loan bailout:
“In the America I grew up in, if you took out a loan, you paid it back. It’s that simple. I am proud to support today’s CRA that overturns Joe Biden’s student loan scheme and saves our country over $300 BILLION. Transferring over undue debt to the American taxpayers is not only fiscally irresponsible, it’s flat-out wrong. This isn’t student loan ‘forgiveness,’ it’s the federal government fleecing hardworking families.”
Background:
87 percent of Americans have not taken out student loans or have already responsibly paid them back. Student loan forgiveness is expected to cost the American Taxpayers over 300 billion dollars.
On August 24, 2022, President Biden announced his plan to:
1) cancel $10,000 to $20,000 of student loans for single borrowers making up to $125k/yr and married couples making up to $250k/yr; and
2) extend the payment and interest accrual pause on student loans via executive fiat. The plan was posted as a COVID-19 national emergency measure on the StudentAid.gov website and later posted to the Federal Register on October 12, 2022.
On February 28, the U.S. Supreme Court heard oral arguments on the loan cancellation and is expected to announce a decision by the end of June.