Mitt Romney Launches Bill to Prevent Biden from Canceling Student Loan Debt

Mitt Romney is going on the offensive against the progressive left’s call for the Biden administration to cancel some or all of the nation’s $1.75 trillion public and private student loan debt.

The Utah senator issued a press release Tuesday announcing a bill that would bar the federal government from writing off any student loan debt, which the conservative lawmaker argued in a statement would be “unfair” to those who have paid off their loans. .

“It makes no sense for the Biden Administration to write off nearly $2 trillion in student loan debt. Not only would this decision be unfair to those who have already paid off their loans or decided to follow alternative paths of education, but it would be wildly inflationary at a time of already historic inflation,” he said.

“Both Democrats and Republicans have called on the President not to take this reckless step and rack up more of our $30 trillion national debt. And while the president’s legal authority to forgive this debt is dubious at best, our bill would ensure he can’t take action,” the senator continued.

His statement is factual in that some conservative Democrats oppose the idea of ​​canceling student loan debt, but it turns out that the idea has the support of Senate Majority Leader Chuck Schumer and a broad coalition of left-wing legislators. Both Schumer and the more progressive members of his group, such as Elizabeth Warren and Bernie Sanders, have been among those calling for action loudly for months.

A host of other Republican senators joined the effort, according to statements included in Romney’s press release, including Thom Tillis of North Carolina, Bill Cassidy of Louisiana and Tim Scott of South Carolina.

Student loan debt in the United States represents a significant financial burden for an estimated 43 million Americans, according to the Education Data Initiative. In recent years, the system has been described as predatory with increasing frequency, given the high interest rates on some loans that leave many paying much more than they initially borrowed and, in some cases, passing on the debt. to his children.

Some spend decades paying off loans, which have become harder to repay as the cost of college tuition has skyrocketed. The average student loan debt in the US is around $28,000 when both private and public borrowers are considered according to Forbes, And horror stories of people who spend years trying to pay off their debt and still owe more than they started with are not uncommon.

The Department of Education used a rule change earlier this year to cancel some federal student loans for about 40,000 people. Those who oppose the idea of ​​canceling student loans through an executive order point out that the increase in inflation is a problem that would be aggravated by such a measure.

“Prices continue to rise, thanks in large part to public spending. Canceling trillions of dollars in student debt would only exacerbate inflation and further harm the very people this administration claims to fight for,” Tim Scott said in the press release.

The Biden administration has repeatedly extended a pause on federal student loan payments since Joe Biden took office in January 2021; the current hiatus will end in August. Federal student loan debt accounts for the vast majority, but not all, of Americans’ student debt.

The White House has signaled that a decision on the issue may soon be made, with outgoing press secretary Jen Psaki stating in late April that the move was “still on the table.”

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