3 Republican lawmakers just countered Biden’s student-loan-forgiveness plans with a bill of their own to help borrowers ‘most in need’ – By Ayelet Sheffey (Business Insider) / Aug 4, 2022
- Reps. Foxx, Stefanik, and Banks introduced a bill to counter Biden’s student-loan-forgiveness plans.
- It includes limiting borrowing for grad students and ending targeted loan-forgiveness programs.
- This comes as Biden is expected to announce broad debt relief in August.
Three Republican lawmakers think President Joe Biden is going about the $1.7 trillion student-debt crisis the wrong way — and they have some ideas on what he could do instead.
On Thursday, Reps. Virginia Foxx, Elise Stefanik, and Jim Banks introduced the Responsible Education Assistance Through Loan, or REAL, Reforms Act, which is intended to act as an “alternative” to proposals the Education Department has put forth to reform student-loan programs.
The bill proposes a series of actions to help the borrowers “most in need,” a fact sheet said, by preventing interest from spiraling on income-driven repayment plans, capping borrowing for graduate students, and ending the Public Service Loan Forgiveness program for new borrowers, which the fact sheet said costs taxpayers and favors those with high incomes.
