Congressman Tom Cole (OK-04) released the following statement after the U.S. House of Representatives passed H. J. Res. 88. The resolution would nullify the Department of Education’s Savings on a Valuable Education (SAVE) plan, which seeks to dramatically lower the repayment obligations for student loans and comes with an enormous price tag of $559 billion, paid for by American taxpayers.
“Although the U.S. Supreme Court has already ruled that the president cannot direct the Department of Education to forgive swaths of student loans, the administration is already planning to execute another unlawful student loan forgiveness scheme,” said Cole. “This is deeply unfair to those who have already paid off their student loans, did not have student loans or did not go to college at all. In addition, experts conclude that under this proposal, 80 percent of students will never fully repay their loans, leaving taxpayers to foot the bill.
“The president cannot spend hundreds of billions of dollars without the approval of Congress. House Joint Resolution 88 will stop this debt transfer and remind the Biden Administration that there are limits to its power.”
