In response to the Biden administration’s announcement today that it is initiating a plan to forgive up to $20,000 in student loan debt for households earning up to $250,000, Education and Labor Committee Republican Leader Virginia Foxx (R-NC) and Budget Committee Republican Leader Jason Smith (R-MO) released a fact sheet detailing the more than $330 billion cost of the Administration’s plan as we... Read more »
Today, Education and Labor Committee Republican Leader Virginia Foxx (R-NC) issued the following statement in response to the Biden administration’s announcement that it is extending the student loan repayment moratorium for a fifth time and forcing taxpayers to pay for certain borrowers to receive $10,000 in loan "forgiveness": “Confusion reigns in the Biden administration—borrowers have no clear... Read more »
For anyone who forgot, the Department of Education (ED) radically underestimated the true cost of the federal student loan program. Although the federal government originally expected to generate revenue off student loans, the Government Accountability Office (GAO) recently found that the Education Department’s budget erred by $311 billion. For decades, economists warned that ED’s budget was wrong... Read more »
The Biden administration is ignoring Republican calls for federal student loan system reform. The student loan program is broken, but extending the inflationary repayment pause or providing mass student loan cancelation and forcing taxpayers to foot the bill is not the answer. Rather, it will exacerbate the vicious cycle of colleges charging higher tuition prices and students borrowing more and mo... Read more »
The Biden administration is expected to announce its decision on whether borrowers will resume repayment on student loans—yet regardless of the President’s decision, taxpayers will be hurt. Coming out of the COVID-19 pandemic, Americans needed a decisive leader. Unfortunately, this administration did the one thing Americans did not need: wait. August marks the 20th month of loan repayment pauses s... Read more »
Higher education is headed in the wrong direction. It is refreshing to see such a prominent leader in higher education acknowledge some of the biggest problems facing colleges and universities today. Jason Wingard, President of Temple University, in his new op-ed, rightly focuses on employers who are too often ignored by the academics and administrators perched in their ivory towers and importantl... Read more »
Today, Education and Labor Committee Republican Leader Virginia Foxx (R-NC) issued the following statement on Operation Fresh Start, a Biden administration plan to move defaulted student loan borrowers into good standing, which would qualify them for massive student loan forgiveness at the expense of taxpayers: “The Department’s so-called Operation Fresh Start plan gives delinquent student loan bo... Read more »
Today, President Biden will sign the so-called Inflation Reduction Act before the release of the final Congressional Budget Office (CBO) score, which lays out how much a bill will cost taxpayers. Despite not having final numbers from CBO, Democrats are already claiming that this bill will reduce the deficit. Yet we know the cost of government programs are underestimated while profits are overestim... Read more »
Today, Education and Labor Committee Republican Leader Virginia Foxx (R-NC) issued the following statement after reports of National Labor Relations Board (NLRB) misconduct surfaced, specifically NLRB personnel interfering in ongoing union elections and collaborating with union organizers: “When a statutorily neutral agency actively informs organizers which employees should be targeted and coerced... Read more »
Education and Labor Committee Republican Leader Virginia Foxx (R-NC) recently submitted a comment letter to the Department of Education urging the Department to rescind its proposed rule regarding borrower defense to repayment and the Public Service Loan Forgiveness program. The letter also points out the Department does not have the authority to move forward with these changes. In the letter, Fo... Read more »
