House Republicans have introduced their own plan to address student debt, as the Supreme Court is set to rule in the coming weeks on whether President Biden’s student loan forgiveness program can remain in effect.
Owens, McClain and Foxx said the extensions “left schools, servicers, and students uncertain about the future,” adding that borrowers need guidance. The new legislation would require the Department of Education to notify student loan borrowers at least 12 times before repayments resume.
The bill would also end"time-based" student loan repayment, which allows borrowers to make the same recurring payments over a period of time. Meanwhile, a group of Senate Republicans led by Sen. Bill Cassidy, R-La., introduced their own student debt-focused legislation Wednesday. That plan, separate from the House bill, is a package of five bills that increases transparency around the cost of college and students loans, streamlines repayment plan options and"puts downward pressure on rising tuition costs by limiting graduate school borrowing," according to Cassidy.
“And unlike President Biden’s plan, this actually addresses the root causes of the student debt crisis," he said. Congress attempted to stop Biden’s plan to provide up to $20,000 in student debt relief for certain borrowers, but BidenThat Republican-led effort passed the House in May largely along party lines. The Senate had approved the bill earlier this month with a handful of moderate Democrats joining Republicans in support.
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