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 guidance and taxpayers are forced to pay for a bill they shouldn't owe. This is wrong, unfair, and irresponsible.
“Years of Democrat policies that created and expanded the federal student loan program have cost taxpayers over $200 billion in the last two decades alone, and President Biden has decided that the solution to this failure is a $300 billion transfer of wealth from working class Americans to privileged college graduates.
“President Biden will say and do anything to appease his radical progressive base, even if it means bankrupting our country and kneecapping taxpayers in the midst of an inflation crisis. This is a slap in the face to those who never went to college, as well as borrowers who upheld their responsibility to taxpayers and paid back their loans. It’s a signal to every freshman stepping foot on campus to borrow as much as they can because taxpayers are picking up the tab.
“If President Biden wants to fix the student loan program instead of doubling down on the same failed, partisan policies that created this crisis in the first place, then he should work with Congress and pass the Responsible Education Assistance through Loan (REAL) Reforms Act. This bill offers targeted relief to struggling borrowers today, and responsible reforms to the federal loan program moving forward.
“It’s time for President Biden to put down the executive pen and fix the mess he and his party created.”
Find more resources on Biden's student loan forgiveness scam here.