12/04/2023 | Press release | Distributed by Public on 12/04/2023 21:00
WASHINGTON - Today, U.S. Senator Bill Cassidy, M.D. (R-LA), ranking member of the Senate Health, Education, Labor and Pensions (HELP) Committee, blasted the Biden administration following the release of their latest proposal for a new illegal student loan scheme that attempts to transfer onto taxpayers up to $20,000 in student debt for households making $67,500 per year and for households that make up to $250,000 a year that owe more debt than they took out. This new scheme incentivizes student loan borrowers to not pay back their loans and rack up more debt through interest in order to qualify for cancelation through a program the administration does not have the legal authority to implement.
"This sounds the same as the student loan scheme that the Supreme Court struck down in June. They don't have the authority to do this. At a certain point, laws need to mean something to this administration," said Dr. Cassidy. "This policy is also extremely manipulative. It gives borrowers a false promise that if they don't pay back their loans and accrue more debt through interest, that they will qualify for loan forgiveness that will eventually be struck down by the courts."