Ranking Member Cassidy Blasts Latest Biden-Harris Student Loan Scheme

WASHINGTON - Today, U.S. Senator Bill Cassidy, M.D. (R-LA), ranking member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, blasted the newest Biden-Harris scheme to transfer student debt onto American taxpayers. Specifically, this new policy attempts to empower the Biden-Harris administration to unilaterally cancel student debt for borrowers who have faced a "hardship," with no clear restrictions on what constitutes a hardship. This latest debt transfer is part of the administration's new student loan proposals, which are estimated to cost taxpayers up to $750 billion.

These new Biden-Harris policies are designed to replace the administration's original student loan scheme that was struck down by the Supreme Court last year. Cassidy also led a Congressional Review Act (CRA) to overturn the original Biden-Harris student loan policy, which Congress passed with strong bipartisan support.

"Once again, Joe Biden and Kamala Harris are defying the Supreme Court and Congress to unilaterally enact their student loan schemes that transfer debt from those who willingly took it on to Americans who chose not to go to college, paid their way through school, or fulfilled their commitment to pay their loans off. This is irresponsible and unfair," said Dr. Cassidy. "Where is the forgiveness for the guy who didn't go to college but is working to pay off the loan on the truck he takes to work? What about the woman who paid off her student loans, but is now struggling to afford her mortgage? Is the administration providing them relief? Of course not. Instead, the Biden-Harris administration would have them pay not only their bills, but the bills of those who decided to go to college in order to make more money."

This is in addition to the administration's income-driven repayment (IDR) scheme, which will allow a majority of bachelor's degree student loan borrowers to have a zero monthly "payment" amount due and not pay back even the principal on their loans, costing taxpayers as much as $559 billion. In July, a federal appeals court temporarily blocked the Biden-Harris IDR program.

While the Biden-Harris administration prioritizes its student loan schemes, it failed to properly implement the new Free Application for Federal Student Aid (FAFSA) program. These continued delays prevent students and families from accessing crucial financial aid information as they choose the college they can afford to attend.

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