Last week, President Biden unveiled plans to sidestep the Supreme Court and "cancel" an estimated $39 billion in federal student loan debt. Under the Biden Administration, I have been fighting for student loan responsibility because, legal questions aside, this pattern of encouraging student debt cancellation is insulting to every American who paid their loans or never attended college.
In response to his most recent attempt to forgive outstanding student loans, I introduced two bills to address the student loan problem in a responsible way — without shifting the burden to hard-working taxpayers.
My legislation, the Protecting Taxpayers from Student Loan Bailouts Act, will defend the American people against the Biden Administration’s attempts to transfer the burden of student loan debt to the taxpayers. This bill requires that the Department of Education review the fiscal impact of any future plans to forgive student loan debt to ensure costs to the federal government do not increase and result in taxpayers footing the bill.
The Informed Student Borrowing Act will educate students of the whole financial picture, in the short- and long-term, throughout the student loan decision-making process. The goal of this bill is to help students make the right borrowing choices to best serve their financial and academic future.
These two bills complement each other by attacking the crisis of student loan debt from two angles — prohibiting the Biden Administration from forgiving student loans with taxpayer funds and providing students with more resources to understand the long-term effects of taking on too much student loan debt.
The amount of student loan debt in this country is an embarrassment to our entire educational system. My bills help shield Americans’ pocketbooks against debt forgiveness schemes like those of President Biden that will spark inflation, add to our national debt, and tank our economy, all without Congressional approval.