President Donald Trump on Friday sided with Education Secretary Betsy DeVos and her plans to make it harder to forgive the debt of defrauded student loan borrowers
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It’s the eighth time that Trump has vetoed legislation since taking office — and the first on a domestic policy issue. In the Senate, the measure similarly did not pass by a veto-proof margin, even though 10 Republicans broke with DeVos and joined with Democrats on a 53-42 vote in March. It’s unclear whether Senate leaders will bring up an override vote.
In a statement on Friday before the veto, James “Bill” Oxford, the national commander of the American Legion, said that the group was “hoping that President Trump will once again come to the aid of student veterans,” and that DeVos’ rule made it “nearly impossible for veterans to successfully” obtain loan forgiveness if they were deceived by a school.
Trump’s veto, barring a successful override, clears the path for DeVos’ rule to take effect on July 1, as scheduled. DeVos’ rule revises Obama-era standards for debt relief, known as “borrower defense,” which were finalized in 2016 in response to misconduct by for-profit colleges. The Education Department estimated that the stricter rules will reduce loan forgiveness by hundreds of millions of dollars each year, compared with the Obama-era policy, saving taxpayers more than $11 billion over the next decade.
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