Chairwoman Foxx on Biden Transferring Billions in Student Loan Debt to Taxpayers
WASHINGTON, D.C.,
February 21, 2024
Today, Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) issued the following statement in response to the Biden administration transferring $1.2 billion in student loan debt to taxpayers as President Biden continues to implement his radical income-driven repayment (IDR) rule—known as “Savings on a Valuable Education (SAVE)” plan: “Unfortunately, Biden believes that more government dependence means more votes come election day—and as a result—has focused his time and energy on harmful initiatives to bolster his ratings. “Don’t be fooled by this administration’s so-called free college agenda. It means less money in the pockets of hardworking taxpayers, more debt, and a continuing decline of an already failing student loan system.” Biden’s SAVE scheme:
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:
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