Foxx: Biden’s Loan Forgiveness Scheme Fails on All Counts
WASHINGTON, D.C., June 2, 2022
Today, Education and Labor Committee Republican Leader Virginia Foxx (R-NC) issued the following statement on President Biden’s plan to cancel $5.8 billion in federal student loans for over 500,000 borrowers:
“Expansive student loan forgiveness does nothing to solve the problems in higher education and exacerbates the economic disaster fueled by the President’s lack of fiscal responsibility. Time and again, President Biden operates as if he can issue any decree he wants on student loan forgiveness, even if it means exercising authority that he does not have.
“Students deserve to be protected from bad actor institutions. But instead of cherry-picking institutions as scapegoats to justify the billions in taxpayer dollars he’s spending on student loan forgiveness, President Biden should work with Republicans to reform the Higher Education Act to hold all schools accountable for their outcomes. Today’s action falls well short of that.”