Press Releases

WASHINGTON – Today, the Education and the Workforce Committee passed H.J. Res. 45, a Congressional Review Act resolution to nullify Biden’s unlawful student loan debt transfer scheme.

On the passage of H.J. Res. 45, Chairwoman Foxx said: “The culture of this country has shifted from one in which individuals are responsible for paying for themselves to one in which the government plays nanny to each individual need. If blanket loan forgiveness is enacted, 87 percent of Americans with no college degree or who paid off their loans will foot the bill of others’ tuition. America's student loan system is broken. Short-sighted bailouts like the ones President Biden and Democrats are proposing will leave us in a cycle of debt. Passing H.J. Res. 45 is the first step in restoring individual responsibility and solving the root challenges of the student loan system.”

Background:

• According to the Congressional Budget Office, the president’s student debt transfer could cost taxpayers $315 billion over the next decade.

• The president’s policies do nothing to solve the root issues of student debt or the rising cost of college, as outstanding student debt will return to current levels in less than six years.

• The president’s attempt to provide blanket cancellation of up to $20,000 dollars, however, is just the tip of the iceberg. Coupled with the president’s overhaul of income-driven repayment, each and every taxpayer is being asked to pay $3,527 for some one else’s degree.

• Taken together, President Biden’s student loan scam could end up costing taxpayers nearly $1 trillion.

For a fact sheet on President Biden’s student loan scheme, click here. 

Watch Chairwoman Foxx’s opening statement on H.J. Res. 45 here. 

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