The Senate narrowly passed the bill late Wednesday. Republican-led initiative The move is aimed at reversing President Joe Biden’s generous new student loan forgiveness plan, which conservative critics have decried as a “free college plan.”
The Democratic-controlled Senate voted 49-50, mostly along party lines, to block the bill. recent challenges Biden’s new income-driven repayment option, known as “Save your valuable education” or SAVE. West Virginia Senator Joe Manchin openly flirting He ran for president after saying he would not seek re-election, and was the only Democrat to vote Republican.
biden shown with memo He would have vetoed it on Tuesday. 2 steps In any case, even if the joint resolution passes through Congress and reaches his desk.
According to the Education Department, 5.5 million borrowers are already enrolled in the scheme, which will cap the interest rate and determine monthly loan payments based on income and family size. For some borrowers, payments will be set at $0. Education Secretary Miguel Cardona called it “the most affordable repayment plan ever.”
Biden’s SAVE student loan repayment planWho are the winners and losers of this income-based repayment option?
The effort failed, but the effort comes as Biden faces uphill battles on the campaign trail, in Congress and in the courts on just about everything related to student loan forgiveness and easing the payment pinch. This is further proof that there is. His top political priority as he seeks re-election.
Sen. Bill Cassidy, Republican, Louisiana; introduced a joint resolution He spoke on the Senate side with other congressional Republicans in early September.
“Where do you get forgiveness for a guy who didn’t go to college and works in a commuter truck to pay off his loans?” he said on the Senate floor Wednesday. “This is irresponsible. It’s very unfair.”
Senate Majority Leader Charles Schumer, New York; mocked the attempt Because, in his words, it sent a cruel message to working families. After the bill was declared a failure, Schumer said, “I’m so glad this chamber had the common sense to defeat this bill.” “This is a true victory for our youth and for America’s future.”
Sen. Bernie Sanders, Vermont – Who is the presidential candidate? I proposed full forgiveness. Although Biden supports SAVE of America’s roughly $2 trillion in student loan debt, he said his student loan relief plan doesn’t go far enough.
“We have hundreds of thousands of bright young people in our country who are capable of earning a college degree or earning a good trade certificate, but we don’t have the ability to do so,” he told his fellow Republicans on Wednesday. cannot afford to do so.” “How absurd is that?”
Americans are divided as Biden makes student loan forgiveness a priority
The political back and forth shows how partisan student loan forgiveness is in Washington and across the country. Opinions among Americans are widely divided on this issue, with many Democrats supporting it and many Republicans opposing it. Despite the divide, Biden vowed to move forward with Plan B after the U.S. Supreme Court’s conservative majority rejected his sweeping loan forgiveness plan this summer.
Although student loan debt has ballooned into a political and economic crisis in recent years, the impact on borrowers has weakened slightly during the financial crisis. 3 years Pandemic-related payment suspension. That grace period expired this fall, and the return to repayments marks a shaky start to a flawed system. Servicers keep borrowers on hold for hours; Reports are prompting a federal investigation.Several I made a shocking billing mistake..
What’s the latest on student loan debt?One big question looms over Biden’s panel.
A committee convened by the Education Department this fall is in the midst of loan forgiveness negotiations, with the third and final round of negotiations scheduled to conclude in December. Large-scale relief is unlikely to emerge from these talks, but if these new policies can withstand legal and political challenges, Americans could see more targeted forms of debt relief. It’s possible, and it’s likely.
Zachary Schermele is a breaking news and education reporter for USA TODAY. He can be reached by email at zschermele@usatoday.com. Follow @ZachSchermele on X.
