Tillis, Colleagues Introduce Bill to Stop President Biden from Cancelling Student Loan Debt

Aug 1 2024

Tillis, Colleagues Introduce Bill to Stop President Biden from Cancelling Student Loan Debt

WASHINGTON, D.C. - Senator Thom Tillis and his colleagues recently re-introduced the Student Loan Accountability Act, legislation prohibiting the Biden Administration from canceling student loan debt at the expense of millions of Americans who chose not to go to college or worked diligently to pay off any student debt. 87% of North Carolinians do not have student loan debt according to the Education Data Initiative.

"President Biden's illegal student loan cancellation plan is grossly unfair for the millions of people who have worked hard and sacrificed to pay off their student loans. Additionally, hardworking North Carolinians, many of whom do not have student loans themselves, should not have to pay for someone else's degree," said Senator Tillis. "Instead, we must address the root causes of the rising cost of higher education, and I am proud to introduce this legislation with my colleagues to hold President Biden accountable and prevent him from causing more irreparable damage."

Background:

The Biden Administration has already implemented $620 billion of debt cancellation, and combined with newer cancellation plans, all of the White House's recent student debt cancellation policies will add up to $1.4 trillion to the national debt. For comparison, the Biden Administration has spent more on these policies than the federal government has spent on higher education throughout our nation's history. These reckless decisions further fuel inflation for hardworking Americans and unfairly penalize individuals who weighed financial considerations, such as affordability, when making higher education decisions.

Specifically, the Student Loan Accountability Act:

• Prohibits the Department of Education, Department of Justice, and the Department of Treasury from taking any action to cancel or forgive the outstanding balances, or portions of balances, of covered loans.
• Includes exemptions for existing targeted federal student loan forgiveness, cancellation, or repayment programs currently in effect under the Higher Education Act, such as the Public Service Loan Forgiveness and Teacher Loan Forgiveness programs.

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