President Biden’s latest proposal to overhaul the Department of Education’s Income Driven Repayment plan is drawing fire from Republicans.
Lawmakers say the president’s plan to reduce monthly payments and shorten loan forgiveness terms under the Revised Pay as You Earn program is an abuse of executive authority. They warn that the changes would result in an “unsustainable transfer of wealth from hardworking taxpayers to college-educated individuals.”
The letter, signed by more than 65 House and Senate Republicans, marks the latest GOP pushback to Mr. Biden’s attempts to unilaterally overhaul federal student loan programs. “We cannot return to the same broken system we had before the pandemic, when a million borrowers defaulted on their loans a year and snowballing interest left millions owing more than they initially borrowed,” he said. “These proposed regulations will cut monthly payments for undergraduate borrowers in half and create faster pathways to forgiveness, so borrowers can better manage repayment, avoid delinquency and default, and focus on building brighter futures for themselves and their families.
They also faulted it for being more out-of-control spending by Democrats. Republicans insist that increased government spending is a key driver of inflation. The Committee for a Responsible Federal Budget says the administration failed to account for the behavioral effects of the proposal that could significantly expand the price tag.
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