Ranking Member Cassidy Blasts Biden’s Newest Student Loan Scheme

WASHINGTON – Today, U.S. Senator Bill Cassidy, M.D. (R-LA), ranking member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, released a statement following President Biden’s latest announcement to shift student loan debt onto taxpayers.  

While the Biden administration prioritizes its student loan schemes, it failed to properly implement the new Free Application for Federal Student Aid (FAFSA) program. These continued delays prevent students and families from accessing crucial financial aid information as they choose the college they can afford to attend. 

“These loan schemes do not forgive debt. They transfer the debt from those who willingly took it on to the 87 percent of Americans who decided to not go to college or already worked to pay off their loans,” said Dr. Cassidy. “This is an unfair ploy to buy votes before an election and does absolutely nothing to address the high cost of education that puts young people right back into debt.” 

“The Department of Education’s implementation of FAFSA is in shambles after repeated blunders by the administration,” continued Dr. Cassidy. “It seems the reason students don’t know what schools they can afford this year is because Biden’s Department of Education is spending its time concocting student loan schemes instead of fixing the mistakes they’ve already made on FAFSA.”    

This latest announcement is part of the administration’s income-driven repayment (IDR) scheme, which will allow a majority of bachelor’s degree student loan borrowers to not pay back even the principal on their loans, costing taxpayers as much as $559 billion. Previously, the Supreme Court struck down Biden’s original student loan cancelation program as unconstitutional.   

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