Republican lawmakers launch an effort to block student-loan borrowers from enrolling in Biden's new plan intended to lower monthly payments
Republican lawmakers launch an effort to block student-loan borrowers from enrolling in Biden's new plan intended to lower monthly payments
Senate and House GOP lawmakers introduced bills to block the SAVE income-driven repayment plan ahead of the resumption of student-loan payments.
cross-posted from: https://lemmy.world/post/4525044
GOP lawmakers have introduced bills to overturn Biden's new SAVE income-driven repayment plan.
The lawmakers say the new plan is an overreach of authority and will cost taxpayers.
Borrowers can now apply for the SAVE plan before bills become due next month.
This makes a lot of sense when you recognize:
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Republican lawmakers primarily act in the best interest of the capitalist investor class that donates to them
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The Student Loan Asset-Backed Securities market is over $1.5 trillion
They're not opposed to student loan forgiveness out of principle, or just to be jerks for its own sake. It's all about preserving low-risk investment instruments.
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Cunts.
Twats!
Ok Google, what does evil look like?
This is the best summary I could come up with:
Lawmakers are starting to trickle back into Washington, DC, after their recess, and some of them wasted no time in launching an effort to block President Joe Biden's latest relief plan for student-loan borrowers.
"Our resolution protects the 87 percent of Americans who don't have student debt and will be forced to shoulder the burden of the President's irresponsible and unfair policy."
GOP Reps. Lisa McClain and Virginia Foxx introduced a companion version of the senators' bill in the House on Tuesday.
Along with the SAVE plan, the Education Department announced a 12-month "on-ramp" period starting in October, during which missed payments will not be reported to credit agencies.
While Republicans opposed that relief as well, Biden is moving forward with implementing the new repayment plan as borrowers begin to face another monthly bill.
"This is real money President Biden is putting back into the pockets of working families," Education Secretary Miguel Cardona said during a press call in August.
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