GOP moving forward with bill that would force student-loan borrowers into 'payments they can't affor [View all]

Source: Insider

The GOP is moving forward with a bill that would force student-loan borrowers into 'payments they can't afford' by blocking Biden's new repayment plan, a top Democrat says

Ayelet Sheffey
Thu, September 14, 2023 at 2:23 PM EDT·3 min read

• Republicans began marking up a bill that would overturn Biden's new SAVE income-driven repayment plan.
• Democratic Rep. Bobby Scott said it would force borrowers into unaffordable payments.
• Over 4 million borrowers are already enrolled in the plan, the Education Department said.

Republican lawmakers are moving forward with a bill that would repeal President Joe Biden's new income-driven repayment plan. A top Democratic lawmaker isn't happy about it.

On Thursday, the House education committee began marking up a range of legislation, including a bill that would overturn Biden's new SAVE income-driven repayment plan, intended to lower monthly payments for borrowers. Republicans in the House and Senate introduced the legislation last week using the Congressional Review Act, which is a fast track tool Congress can use to overturn final rules put in place by federal agencies.

"Biden's new income-driven repayment plan if enacted will be the most expensive regulation in our nation's history," the Republicans on the House education committee wrote on X, formerly Twitter, on Thursday. "The fallout from his SAVE scheme will push students, institutions, taxpayers, and our economy to the breaking point, leaving borrowers paying for decades."

But Rep. Bobby Scott, the top Democrat on the committee, doesn't see it that way. In his opening statement during the markup, he said that the GOP bill would "undermine the economic security of millions of student borrowers."

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Read more: https://news.yahoo.com/gop-moving-forward-bill-force-182311898.html