Bill would halt suspension of federal student loan repayments

A group of Republican lawmakers have introduced a bill they said would end President Joe Biden’s suspension of repayments on qualifying federal student loans.

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Sens. Bill Cassidy, (R-LA), John Thune (R-SD), Richard Burr (R-NC), Mike Braun (R-IN) and Roger Marshall (R-KS) recently sponsored the Stop Reckless Student Loan Actions Act, a bill that would allow the president to temporarily suspend repayment for low- and middle-income borrowers in future national emergencies.

Per officials, the legislation would also prohibit the president from canceling outstanding federal student loan obligations in the event of a national emergency. The lawmakers indicated there have been two years of non-payment and six executive actions resulting in payment pauses.

“If the administration wants to follow the science regarding COVID, we must also follow the facts,” Cassidy said. “Unemployment is not at pandemic levels and a student loan repayment pause benefits those who are high income and able to pay their bills. The administration is spending without congressional approval. That should be considered unconstitutional.”

The lawmakers cited Department of Education statistics noting the repayment extension cost taxpayers $5 billion million monthly while also citing Committee for a Responsible Federal Budget data showing those possessing bachelor’s degrees or higher hold 70 percent of education debt and have an unemployment rate of 2.2 percent.

“As Americans continue to return to the workforce more than two years since the pandemic began, it is time for borrowers to resume repayment of student debt obligations,” Thune said. “Taxpayers and working families should not be responsible for continuing to bear the costs associated with this suspension of repayment. This common-sense legislation would protect taxpayers and prevent President Biden from suspending federal student loan repayments in perpetuity. Any future suspension of federal student loan repayments should be left to Congress, not the Biden administration.”