Dear America: Stop Biden’s Student Loan Forgiveness Scam
WASHINGTON, D.C., July 22, 2022
Today, House Education and Labor Committee Republican Leader Virginia Foxx (R-NC) sent a letter to America asking the country to take a stand against the Biden administration’s reckless student loan agenda. Since taking office, President Biden has forgiven massive amounts of student loans through backdoors—ignoring the will of Congress and the best interests of taxpayers.
The letter details the Biden administration’s strategy to enact retroactive free college through loan forgiveness: from an expensive repayment pause and large expansions made to the Public Service Loan Forgiveness (PSLF) program to new regulations for student loan programs that could cost at least $85 billion. Foxx also points out how devastating blanket student loan forgiveness plans could be for taxpayers and the economy.
Rep. Foxx writes: “These actions shouldn’t surprise anyone. The President went far beyond calling for the cancellation of student debt when on the campaign trail: he joined even the most radical Democrats in calling for free college for every American making under $125,000. ... Doctors, lawyers, and borrowers that attend graduate school would receive massive student loan forgiveness checks from the government, while hardworking Americans that already paid off their loans or never borrowed or went to college in the first place would get nothing.”
Rep. Foxx continues: “All these actions leave colleges free to continue increasing costs that greatly impact all American taxpayers. These policies deny any accountability to borrowers and evade any responsibility to help those students turn their degree into a job. The predictable results are more borrowing for degrees with little to no return on investment and more students watching their loan balances balloon until President Biden sends taxpayers the bill.”
“Reform takes commitment from all parties and a willingness to reach a common goal of fixing a very broken system. Reform is not accomplished when the executive branch enacts sweeping policies that will upend our college financing system with the “stroke of a pen.” Simply put, the President is giving a handout to those who least need it. All the while harming borrowers’ credit potential, enabling schools to continue increasing their prices, and further burdening the middle class. It is time to retire the executive pen. … It is time for Congress to stop deferring to the President and get to work,” Rep. Foxx concludes.
Read the full letter to America here.
For more information about Biden’s student loan forgiveness scam, click here.