{"id":6268,"date":"2023-05-09T11:25:26","date_gmt":"2023-05-09T15:25:26","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/republicans-to-advance-plan-reversing-student-loan-forgiveness-approvals-for-millions\/"},"modified":"2023-05-09T11:25:27","modified_gmt":"2023-05-09T15:25:27","slug":"republicans-to-advance-plan-reversing-student-loan-forgiveness-approvals-for-millions","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=6268","title":{"rendered":"Republicans To Advance Plan Reversing Student Loan Forgiveness Approvals For Millions"},"content":{"rendered":"
\n

House Republicans are moving forward with a plan that would reverse student loan forgiveness approvals for millions of borrowers, setting up a showdown with Congressional Democrats and President Biden. The plan would repeal Biden\u2019s signature student debt relief program, and would reverse the most recent extension of the student loan pause.<\/p>\n

Here\u2019s the latest.<\/p>\n

GOP Plan Would Repeal Student Loan Forgiveness And Reverse Student Loan Pause Extension<\/h2>\n

Congressional Republicans will hold a key committee hearing this week to advance legislation under the Congressional Review Act, a federal statute that permits Congress to nullify recently-enacted regulations. Congressional Review Act resolutions can pass Congress with simple majorities, and would not be subject to a Senate filibuster (which typically requires at least 60 senators to overcome).<\/p>\n

The Congressional Review Act legislation at issue here would repeal Biden\u2019s one-time student loan forgiveness plan, which would cancel $10,000 or $20,000 in federal student loans for over 30 million borrowers. That debt relief plan has been blocked by federal courts since last fall in response to legal challenges. The Supreme Court is expected to issue a ruling on the program in June.<\/p>\n

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The legislation would also reverse Biden\u2019s most recent extension of the student loan pause, which has now been ongoing for over three years. The student loan pause has stopped most federal student loan payments and suspended interest accrual for government-held federal student loans. The current extension is set to end later this summer.<\/p>\n

\u201cSince his first day in office, President Biden has worked to circumvent the courts and congressional authority to provide backdoor free college through the student loan program. The president is leveraging the nation\u2019s financial future with his radical agenda that, taken together, could end up costing taxpayers nearly $1 trillion,\u201d said Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC) in a statement this week. \u201cThis is why it\u2019s so important for Congress to pass this resolution and remind the president that he cannot act unilaterally like a dictator to get his way.\u201d<\/p>\n

Foxx\u2019s committee will hold a markup hearing on the legislation on Wednesday, a key step in the legislative process to advance the plan.<\/p>\n

Advocates Warn GOP Plan Would Reverse Student Loan Forgiveness<\/h2>\n

While no borrowers have received student loan forgiveness under Biden\u2019s one-time student debt relief plan, the Education Department had approved over 16 million borrowers before the application process was halted in response to legal challenges. If the Republican-led plan is successful, those 16 million approvals would be reversed.<\/p>\n

In addition, borrower advocates are warning that repealing Biden\u2019s most recent extension of the student loan pause could actually result in the reversal of student loan forgiveness already approved for tens of thousands of borrowers. The student loan pause can count as qualifying periods toward loan forgiveness under the Public Service Loan Forgiveness program and Income-Driven Repayment plans. Borrowers who received student loan forgiveness based on credit from Biden\u2019s most recent extension of the student loan pause could have their student loan forgiveness reversed, and their loan balances reinstated, if the Congressional Review Act resolution is successful.<\/p>\n

\u201cIf enacted, the extreme partisan proposal would also result in chaos for military families, educators, first responders, and other public service workers in communities across the country,\u201d said the Student Borrower Protection Center in a statement. \u201cBecause the pandemic-era pause on student loan payments provided months of credit toward Public Service Loan Forgiveness (PSLF), this proposal would force [the Education Department] to claw back months of progress towards PSLF and Income-Driven Repayment relief and even reinstate already-cancelled debts for more than 156,000 public service workers.\u201d<\/p>\n

This week, a coalition of over 260 organizations sent a letter to lawmakers urging them to reject the Republican-led plan.<\/p>\n

\u201cOverturning the payment pause and forcing borrowers into immediate repayment would have a devastating effect on borrowers in every community,\u201d warned the the coalition. \u201cThe American people, the law, and the economic instability of the present moment all emphasize the necessity of debt cancellation and the continuation of the payment pause until cancellation is realized. Policymakers now seeking to reverse such critical relief through the CRA are ignoring the economic needs of their own constituents and threatening our nation\u2019s financial security. Congress should be acting to improve the circumstances of the American people, not attempting to thwart the President\u2019s efforts to ease the financial pressure that so many are feeling.\u201d<\/p>\n

Will Efforts To Repeal Student Loan Forgiveness Succeed?<\/h2>\n

The Congressional Review Act resolution could very well pass in the House of Representatives, where Republicans hold a slim majority. And the resolution even stands a chance in the Senate. While Democrats maintain a slim majority in that chamber, it would just take two Democratic senators to join Republicans for the effort to succeed. And at least some moderate Democrats in the Senate have expressed skepticism about Biden\u2019s student loan debt relief initiatives.<\/p>\n

However, even if the resolution passes Congress, President Biden would have to sign it for it to become law \u2014 something he is not likely to do. Congress could override Biden\u2019s expected veto, but with a nearly evenly-divided Congress, a two-thirds majority needed for an override would be difficult to achieve and would require substantial Democratic defections.<\/p>\n

But the Congressional Review Act resolution is just one of several Republican-led efforts to undo Biden\u2019s student loan debt relief plans. House Republicans are also demanding a reversal of student loan forgiveness programs in negotiations with President Biden over the debt ceiling. And the Supreme Court is expected to rule on the one-time student loan forgiveness plan next month.<\/p>\n

Further Student Loan Forgiveness Reading<\/strong><\/h2>\n

Biden Administration Announces $42 Billion In Student Loan Forgiveness As Public Service Relief Continues<\/p>\n

To Qualify For Student Loan Forgiveness Under Adjustment, Do These Things, Says Education Department<\/p>\n

The Student Loan Pause May End In Phases, With Some Features Extended \u2014 Key Updates On Timing<\/p>\n

What The Supreme Court\u2019s Latest Move Means For Student Loan Forgiveness<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

House Republicans are moving forward with a plan that would reverse student loan forgiveness approvals for millions of borrowers, setting up a showdown with Congressional Democrats and President Biden. The plan would repeal Biden\u2019s signature student debt relief program, and would reverse the most recent extension of the student loan pause. Here\u2019s the latest. GOP […]<\/p>\n","protected":false},"author":1,"featured_media":6269,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-6268","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-featured"],"yoast_head":"\nRepublicans To Advance Plan Reversing Student Loan Forgiveness Approvals For Millions | iFintechWorld<\/title>\n<meta name=\"description\" content=\"House Republicans are moving forward with a plan that would reverse student loan forgiveness approvals for millions of borrowers, setting up a showdown\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=6268\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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