WASHINGTON – Today, Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) issued the following statement in response to the White House announcing it will significantly expand its plan to transfer student loan debt to taxpayers, including those who never stepped foot on a college campus:
“Student debt is skyrocketing, college completion rates are abysmal, and schools have zero accountability for the overpriced degrees they offer. Yet, the Biden administration continues to ignore all those problems and instead implement its illegal student loan transfer scheme, hoping that this ploy sways voters at the polls. Voters don’t want to be bought, but desire real solutions like the College Cost Reduction Act to lower the cost of tuition and hold institutions accountable for student completion rates and loan repayment.”
MORE ON REPUBLICAN SOLUTIONS TO LOWER COLLEGE COSTS
Last month the Committee passed H.R. 6951, the College Cost Reduction Act. The bill includes bipartisan proposals to tackle widespread concern that the cost of postsecondary education has become insurmountable for too many Americans. This legislation addresses the issues of low completion rates, unaffordable student debt, and the inflated cost of obtaining a college degree. Specifically, H.R. 6951:
Ensures information about costs and return on investment is clear, accessible, and personalized for prospective students and families.
Holds institutions financially responsible for overpriced degrees that leave students with unaffordable debt.
Provides targeted relief to struggling borrowers rather than blanket bailouts for those who don’t need them.
Funds colleges based on student outcomes and lifts excessive regulations that further increase costs to families.
