GOP Lawmakers Oppose $750B Plan to Shift Student Debt to Taxpayers

130 Republican members of Congress have come together to voice their strong disapproval of a new proposal that could cost taxpayers $750 billion. This proposal, known as “Plan B,” would transfer student debt to taxpayers, which has prompted a backlash from conservative leaders. U.S. Rep. Virginia Foxx, R-N.C., and Sen. Bill Cassidy, R-La., led the effort by sending a letter to Secretary Miguel Cardona of the Department of Education, urging him to withdraw the proposal.

The lawmakers argue that the proposal goes against the 1965 Federal Loan Insurance Program and its 2008 reauthorization. They are particularly concerned about the burden it could place on taxpayers, with some borrowers having annual incomes exceeding $300,000. The letter expresses concerns that the proposal is a covert way to implement “free” college, which they believe is not the government’s responsibility.

Rep. Foxx, who chairs the Committee on Education and the Workforce, and Sen. Cassidy, a former gastroenterologist, are leading the charge against the Department of Education’s proposal. They criticize the department for attempting to pass this proposal while failing to effectively implement the Free Application for Federal Student Aid (FAFSA), which helps needy prospective college students and their families afford higher education.

The lawmakers are also alarmed by the decrease in FAFSA completion for high school seniors, which they believe will likely result in fewer students attending college. The letter points out that the proposal aims to benefit those who have already been able to attend college, rather than assisting those who genuinely need financial aid.

The rejection of this proposal by key Republican members of Congress, including those from North Carolina, highlights the deep concerns about the potential financial implications and the government’s role in providing financial aid. This issue is likely to continue sparking debate and drawing attention from conservative lawmakers as it unfolds.

Written by Staff Reports

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