This effort comes after the Government Accountability Office (GAO) confirmed the Biden administration’s student loan policy is a rule and can be overturned under the Congressional Review Act.
WASHINGTON – U.S. Senator Joni Ernst (R-Iowa) is working to overturn President Biden’s student loan “cancellation” rule, which would cost an estimated $400 billion and transfer up to $20,000 in student loan debt per borrower onto taxpayers. Ernst is co-leading 37 Republican colleagues in introducing a Congressional Review Act (CRA) resolution to overturn President Biden’s scheme and end the pause on student loan payments, which cost taxpayers billions a month and have been extended six times since the start of the pandemic.
“President Biden’s attempt to transfer nearly half a trillion dollars in debt to hardworking Americans who chose to avoid or pay off student loans is unfair and unaffordable. That’s why I’m fighting to stop Biden’s student loan socialism and protect Iowa taxpayers from being forced to foot the bill,” said Ernst, chairman of the Senate Republican Policy Committee.
Last month, Ernst joined 41 of her colleagues in filing an amicus brief to the Supreme Court challenging the Biden administration’s student loan cancellation program, which they say circumvents the authority of Congress.
Ernst has supported and introduced several bipartisan bills to provide transparency behind the costs of college, including the bipartisan STUDENT Act to give students a clear estimate of the costs they would owe down the road, and The Understanding the True Cost of College Act which creates a universal financial aid award letter so that students could easily compare financial aid packages between schools.