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The Courts AGAIN Tell Biden His Student Loan Scam is Illegal

WASHINGTON, D.C., July 18, 2024

WASHINGTON - Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) issued the following statement after the Court of Appeals for the 8th Circuit ruled today that the Biden administration’s so-called “SAVE” plan—the costliest regulation in the history of the U.S.—is illegal:

“The chaos and destruction this administration is inflicting on the nation’s student loan system is unprecedented. Is it hubris, ignorance, or indifference that encourages the Biden administration to move forward with an illegal agenda that has dangerous repercussions?

“Mr. President, your actions are degrading the nation’s system of checks and balances. Your actions are hurting taxpayers who will face economic hardship, forced to pay a loan they never asked for or received. And your actions will mortgage our children’s futures by adding to the out-of-control national debt.

“Turning a blind eye to fiscal responsibility and the intent of Congress to keep a campaign promise—a promise you had no authority to make—will hurt American education and U.S. economic competitiveness.

“What’s worse, your promise just means saddling future generations with someone else’s debt. That is not a solution. It’s not even American. It’s downright offensive.”

BACKGROUND

Republicans have a responsible solution while Biden continues to put forward reckless scams. Learn more about H.R. 6951, the College Cost Reduction Act:

  • Ensures clear, accessible, and personalized information about costs and return on investment is available to prospective students and families.
  • Simplifies and strengthens our broken student loan program, by providing targeted assistance for those in need instead of blanket bailouts.
  • Holds institutions financially responsible for overpriced degrees that leave students and taxpayers with unaffordable debt. 
  • Funds colleges based on student outcomes rather than imposing excessive regulations that further increase costs to families.
  • CBO estimates that enacting the bill would save taxpayers $185 billion over the next decade.

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