Student Loan Cancellation Plan Passes Senate, Now Awaiting Expected Veto

A Republican bill to overturn President Joe Biden’s plan to end student loans has passed the Senate and is now awaiting an expected veto.

Student Loan Cancellation ( Photo: CNBC )

The resolution was passed by the GOP-controlled House of Representatives last week by a vote of 218-203

The law is intended to reverse Mr. Biden’s termination plans and limit the Department of Education’s ability to terminate student loans in the future. That would reverse Mr. Biden’s recent payment moratorium extension that began early in the pandemic. It will retroactively add interest on student loans that were forgiven by Mr. Biden’s extension. It would also roll back months of progress borrowers made toward loan cancellation through the Public Service Loan Forgiveness program. Those who recently had their debt canceled through the program would have their loans reinstated.

If Republicans get their way into this bill it will strip them of the relief that people across the country have come to expect

The GOP challenge invoked the Congressional Overhaul Act, which allows Congress to overturn recently enacted executive branch regulations. Passing a resolution requires a simple majority in both houses, but to override a presidential veto requires a two-thirds majority in both the House and Senate and Republicans. The senator said, The president’s student loan program doesn’t ‘eliminate’ debt, it shifts the burden from those who choose to take out loans to those who never attended college or met their repayment obligations only, said Louisiana Sen. Bill Cassidy.

READ ALSO: Healthcare For DACA Recipients And Immigrants, Researchers Calls For Equal Access!