President Biden’s Latest Student-Loan Plan Is Another Disaster

Late last month, President Biden and his Department of Education announced the launch of the “SAVE” Plan, a reform that expands existing income-driven repayment (IDR) programs to the tune of up to $550 billion. Now, it’s been reported that as many as 4 million borrowers have signed up for the plan, many of them enrolled automatically.

Last week, Senator Bill Cassidy (R., La.), ranking member for the Senate Health, Education, Labor, and Pensions (HELP) Committee, along with Senators John Thune (R, S.D.), and John Cornyn (R., Texas), introduced a Congressional Review Act resolution to overturn President Biden’s new IDR rule.

About the Author

Beth Akers

Beth Akers is a senior fellow at the American Enterprise Institute.

JP

About the Author

Joe Pitts

Joe Pitts is a public-policy professional currently working in Washington, D.C. He is a native Arizonan.

Featured Tags

Late last month, President Biden and his Department of Education announced the launch of the “SAVE” Plan, a reform that expands existing income-driven repayment (IDR) programs to the tune of up to $550 billion. Now, it’s been reported that as many as 4 million borrowers have signed up for the plan, many of them enrolled automatically.

Last week, Senator Bill Cassidy (R., La.), ranking member for the Senate Health, Education, Labor, and Pensions (HELP) Committee, along with Senators John Thune (R, S.D.), and John Cornyn (R., Texas), introduced a Congressional Review Act resolution to overturn President Biden’s new IDR rule.