Sen. Mitt Romney is leading an effort to overturn the Biden administration's new loan repayment plan, which would forgive tens of billions in student debt.
Romney and other Republican lawmakers introduced aresolution, a tool available to congressional lawmakers to overturn a federal agency rule, arguing that the new student loan program would repay the loans of a majority of bachelor's degree holders.
"Not only is the administration's latest move unfair to those who already repaid their loans or decided to pursue alternative education paths, but it would also increase inflation and contribute to our $32 trillion national debt," he added.from Penn Wharton Budget Model, Biden's program would cost taxpayers $559 billion.
Other Republicans, including Sen. John Thune of South Dakota, Sen. John Cornyn of Texas, Sen. John Barrasso of Wyoming and Sen. Mike Crapo of Idaho, are co-sponsoring the resolution. It also reduces payments from 10% to 5% of the borrower's income after expenses, while covering unpaid monthly interest payments on the loan, so it doesn't grow. For borrowers who have made at least 10 years of payments, their balance will be forgiven, instead of having to pay for 20 years.
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