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Currently showing results related to Biden's Student Loan Scheme
Biden’s Student Loan Scheme: Breaking Down the Costs of the President’s Loan ‘Forgiveness’ Plans
WASHINGTON, D.C. - President Biden pledged to cancel student loan debts for millions of Americans during his campaign for President. Since taking office, his Administration has made several attempts to ram through legally questionable policies, trying to spend an unprecedented $1 trillion on student loan “forgiveness.” The Biden Administration’s unilateral actions have been numerous and far-reaching. The House Budget Committee continues to Sound the Alarm and uncover the full scope of Biden’s … Continue Reading
April 16, 2024
Chairman Arrington Responds to Biden’s New Student Loan ‘Forgiveness’ Scheme
WASHINGTON, D.C. - Today, the Department of Education released its first set of draft rules for President Biden’s next attempt to cancel student loan debt. Under these plans, more than 30 million borrowers would see some, or all, of their student loans cancelled, with the cost being shifted onto taxpayers. House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement regarding the most recent Biden student loan bailout: “Here we go again: President Biden is … Continue Reading
April 12, 2024
Biden’s Botched Student Aid Rollout: Education and Workforce Committee Joins in Sounding the Alarm
WASHINGTON, D.C. - On Wednesday, the House Committee on Education and Workforce Subcommittee on Higher Education and Workforce Development held a hearing examining the Biden Administration’s continual blunders in the rollout of their new Free Application for Federal Student Aid (FAFSA) process.In the hearing, subcommittee Chair Burgess Owens (R-UT) and members of the Higher Education and Workforce Development Subcommittee discussed topics long echoed by the House Budget Committee: the Biden … Continue Reading
April 12, 2024
Penn Wharton Sounds the Alarm on Biden’s Student Loan Bailout Scheme
WASHINGTON, D.C. - Today, the Penn Wharton Budget Model (PWBM) released an analysis of President Biden’s latest student loan cancellation scheme, which was unveiled earlier this week. PWBM’s report reveals this plan is projected to cost taxpayers $84 billion and would disproportionately affect high-income earners. Roughly “750,000 households making over $312,000 in average household income” would be eligible for longer-term student debt cancellation. Chairman Jodey Arrington (R-TX) … Continue Reading
April 08, 2024
Chairman Arrington Responds to President Biden’s Second Student Loan Bailout Scheme
WASHINGTON, D.C. - This afternoon, in Madison, Wisconsin, President Joe Biden announced his latest plan to circumvent Congress and unilaterally wipe away student debt for millions of borrowers -all while leaving taxpayers to foot the bill. Today, House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement on the President’s most recent scheme to "cancel" student loans. “President Biden is pushing unconstitutional student loan policies in his quest to buy … Continue Reading
March 22, 2024
Chairman Arrington Statement on President Biden’s Latest Student Loan Scheme
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement in response to the Biden administration’s most recent “cancellation” of loans, shifting $5.8 billion in loans from 78,000 borrowers to hard working Americans. This brings the cost of President Biden’s election driven loan scheme to a staggering $143.6 billion and counting, with the price being borne by the taxpayers: "President Biden’s actions do not “cancel” any loans. He … Continue Reading
February 24, 2024
Chairman Arrington Releases Statement on Biden’s Shameless Disregard for Rule of Law and Fiscal Responsibility on Student Loan Bailouts
WASHINGTON, D.C. - Today, Chairman Jodey Arrington (R-TX) released a statement slamming President Biden for openly circumventing the Supreme Court to push his unconstitutional student loan bailout. Earlier this week, the President said of his debt transfer plan: “the Supreme Court blocked it, but that didn’t stop me.” “President Biden bragging about defying the Supreme Court’s decision on his unconstitutional student loan bailout shows his shameless disregard for rule of law and fiscal … Continue Reading
February 20, 2024
Chairman Arrington Releases Statement on Biden’s Latest Student Loan Bailout Scheme
WASHINGTON, D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement in response to the Biden Administration’s Department of Education (ED) unveiling plans last week for its next widespread student loan bailout scheme: “The Biden administration is at it again. Despite the decision by the Supreme Court declaring their previous $330 billion bailout plan unconstitutional in June 2023 and our nation’s record level of indebtedness exceeding $34 … Continue Reading
January 16, 2024
Chairman Arrington Praises Budget- Conscious Bill to Reduce Cost of College
WASHINGTON, D.C. - Today, Chairman Jodey Arrington (R-TX) released the following statement in support of Education and the Workforce Committee Chairwoman Virginia Foxx (R-NC)’s College Cost Reduction Act. “As college tuition costs continue to skyrocket, students are saddled with crushing debts — piling on to the challenges of our current cost-of-living crisis. The College Cost Reduction Act provides much-needed transparency to the true cost and real value proposition of higher … Continue Reading
December 11, 2023
Chairman Jodey Arrington Reacts to House Voting to Overturn Biden’s Latest Student Loan Bailout Scheme
WASHINGTON D.C. - Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement commending the House’s 210-189 passage of H.J.Res.88, a Congressional Review Act resolution to overturn the Biden administration’s newest student loan cancellation scheme, which experts say will cost taxpayers as much as $475 billion:“I applaud the House’s vote last week to short circuit President Biden’s latest attempt at a massive student loan bailout. Make no mistake: Biden is … Continue Reading
July 21, 2023
Another Disastrous Biden Policy Would Add $475 Billion to the Debt
After the U.S. Supreme Court ruled that President Biden’s primary student loan bailout scheme was unconstitutional, the President used his pen to drastically expand another repayment cancelation rule that has been pending since 2022, quickly finalizing it in the wake of the court's rebuke. This rule, known as the Income Driven Repayment program sets student loan payment rates for some borrowers based on their income. Under this new scheme, the amount that borrowers have to pay … Continue Reading
June 30, 2023
Chairman Arrington Lauds SCOTUS Student Loan Ruling
WASHINGTON—Today, House Budget Committee Chairman Jodey Arrington (R-TX) released the following statement after the U.S. Supreme Court struck down President Biden’s radical student loan cancellation scheme:“I applaud the Supreme Court for overturning yet another irresponsible and unconstitutional Biden executive action that would have set a horrible precedent, supercharged America’s entitlement culture, and shifted this $400 billion financial burden from a few … Continue Reading
June 01, 2023
Biden’s Student Loan Bailout Will Cost Average Taxpayer $3,526: State-By-State Breakdown
The Senate today is set to consider the Republican House-led resolution to reverse President Biden’s reckless student loan cancellation plan for the wealthy.Ahead of the Senate vote, the National Taxpayers Union Foundation (NTUF) released new data showing how much Biden's student loan cancellation will costs taxpayers in each state. $3,526. On average, Biden’s plan to transfer the cost of student loans from wealthy borrowers to working-class Americans will cost the average … Continue Reading
May 30, 2023
The Fiscal Responsibility Act Budget Committee Summary and Overview
From the beginning of this process, Republicans insisted that President Biden add fiscal restraint to accompany efforts to raise the debt ceiling. We believed that any effort to responsibly raise the debt ceiling should also include policies to reduce out-of-control spending and grow our economy. The Fiscal Responsibility Act does both. We Rein-In the Runaway Bureaucracy. By reducing FY 2024 spending compared to last year, we take a crucial first step toward getting our fiscal house … Continue Reading
