Biden's student-loan forgiveness plans are 'a Titanic heading straight for an iceberg,' a top Republican lawmaker says
A top Republican lawmaker is pleased President Joe Biden's broad student-loan forgiveness plan is held up in court — but she wants to see his other proposed reforms to the industry struck down, as well.
On Tuesday, Rep. Virginia Foxx — the top Republican lawmaker on the House education committee – took to the House floor to criticize not only Biden's plan to forgive up to $20,000 in student debt for federal borrowers, but also his plans to reform targeted loan forgiveness and repayment programs. "President Biden is turning the federal student loan program into a Titanic heading straight for an iceberg," Foxx said."The Biden administration's changes to these programs will make a bad system worse."arose seeking to block the plan, and two of those lawsuits are currently in the hands of the Supreme Court, which will hear arguments to the cases in February.
"These changes will have long term consequences because they create perverse incentives for over-borrowing," she said."Why would students make smart financial decisions when they know Uncle Joe, or another administration, will pay off their loans?"that found income-driven repayment plans were failing borrowers because of issues with paperwork and tracking payment progress, many Democratic lawmakers and the Biden administration agreed a new plan was warranted.
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