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☆ 12 million student-loan borrowers could benefit from Biden's debt cancellation in the districts of the House Republicans who urged the Supreme Court to strike the relief down
  + stars: | 2023-02-17 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
128 House Republicans filed an amicus brief to the Supreme Court opposing student-debt relief. New data found that nearly 12 million borrowers in their districts would benefit from the relief. On Friday, the department unveiled data showing the breakdown of student-loan borrowers who applied, and were deemed eligible, for President Joe Biden's up to $20,000 in debt relief by congressional district. Over the past few weeks, 128 House Republican lawmakers filed an amicus curiae brief to the Supreme Court ahead of oral arguments on February 28 urging it to strike down Biden's debt relief. As the Education Department has previously said, over 40 million borrowers in total would qualify for Biden's debt relief, and of the 26 million borrowers who applied for the relief before the online application closed in October, 16 million of them had been fully approved.
☆ 69 Republican lawmakers call for Biden's student-loan repayment and forgiveness proposals to be 'rescinded,' blasting them as 'blatantly illegal' and 'a smack in the face of taxpayers'
  + stars: | 2023-02-13 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
69 GOP lawmakers urged Biden to withdraw his student-loan forgiveness and repayment proposals. They said his proposal to reform income-driven repayment plans is "blatantly illegal." This proposal is reckless, fiscally irresponsible, and blatantly illegal and, as such, it should be rescinded." "Under current IDR plans, most borrowers can expect to repay some or all their debt," the analysis said. "This proposal is reckless, illegal, and will saddle hardworking Americans and future generations with unsustainable debt."
☆ Over half of the House GOP and nearly all Senate Republicans signed briefs urging the Supreme Court to block Biden's student-loan forgiveness
  + stars: | 2023-02-03 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
On Friday, 128 of the 222 House Republicans signed onto an amicus brief urging the Supreme Court to block student-debt relief. They both argued that Biden doesn't have the authority to cancel student debt using the HEROES Act of 2003. On Friday, 128 House Republicans signed onto an amicus curiae brief urging the nation's highest court to block Biden's plan to forgive up to $20,000 in student debt for federal borrowers. That's just over half of the GOP composition in the House, with 222 Republicans holding a slim majority in that chamber. Both of the briefs argued that the HEROES Act does not allow for broad loan forgiveness, which a series of other conservative groups reiterated in their own briefs filed to the Supreme Court this week.
☆ A top Republican lawmaker accuses the Education Department of 'blatantly lying' about how much its student-loan forgiveness costs
  + stars: | 2023-01-26 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +3 min
An independent auditor found "weakness" in how the Education Department calculated student-debt relief costs. GOP Rep. Virginia Foxx accused the department of "blatantly lying" in its estimates. The auditor did not make that accusation, and a department spokesperson said the court challenges blocking the relief have led to limited data. "The Department is blatantly lying about how much taxpayer money it is giving away," Foxx said in a statement. In September, the department estimated that its broad student-debt relief plan would cost $30 billion annually over the next decade, and that 81% of borrowers would participate in the relief.
☆ House GOP's 'all-star' oversight panel features 13 election deniers, 10 impeach-Biden-world advocates, and 3 congressional subpoena dodgers
  + stars: | 2023-01-19 | by ( Warren Rojas | ) www.businessinsider.com   time to read: +5 min
House Republican leaders have stocked the oversight panel with partisan bomb-throwers. Many of the new panelists voted to overturn the 2020 election and defied Jan. 6 investigators. Retired Democratic Rep. Carolyn Maloney, who chaired the House Oversight Committee last session, asserted that this new cast of characters were getting into it for the wrong reasons. "The personal vendettas these committees pursue are not a legitimate use of the oversight power. "These are basically the people who own Kevin McCarthy at this point," Bardella told Insider at the Facts First event.
☆ A top Republican says Biden's proposals to make monthly student-loan payments cheaper are a 'backdoor' for his 'radical free college agenda'
  + stars: | 2023-01-10 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
The Biden administration announced new regulations to improve income-driven repayment plans. The changes are meant to make payments cheaper, and "create faster pathways to forgiveness," according to Education Secretary Miguel Cardona. Foxx has been an outspoken opponent of Biden's broad student loan forgiveness and other pandemic-era debt-relief measures. Under IDR, borrowers are meant to make monthly payments based on their incomes, with eventual loan forgiveness after at least 20 years of payments. "These plans will significantly cut monthly loan payments and it's part of a real transformation of the student loan system."
☆ The House of Representatives will have more guys named 'Mike' than women chairing committees under the new Republican majority
  + stars: | 2023-01-10 | by ( Bryan Metzger | ) www.businessinsider.com   time to read: +3 min
House Republicans have announced a new slate of committee chairs for the new Congress. Six of the committees will be chaired by a man named Mike or Michael. On Monday, House Republicans sorted out a number of contested chairmanships, and House Majority Steve Scalise released a list of recommendations for chairmanships that were ratified by the conference on Tuesday. The result: men named "Mike" will outnumber women two-to-one among committee chairs. Under Democratic leadership in the previous Congress, 7 House committees were chaired by women.
☆ Meet a man with $47,000 in student debt who's been trapped in a student-loan repayment 'bureaucracy nightmare' for nearly 3 decades without the debt cancellation he was promised
  + stars: | 2023-01-01 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +6 min
He was promised loan forgiveness after 25 years, but he's still repaying the debt with nearly a decade to go. "We are literally crushed by this debt," Harmon, 53, told Insider. NPR obtained internal documents indicating that three student-loan companies — PHEAA, CornerStone, and MOHELA — weren't tracking payments borrowers made over the past two decades for their income-driven repayment plans. 'The government is not fulfilling its obligation'US lawmakers are aware of failures with income-driven repayment plans. It found that the department had approved just 157 loans for full forgiveness under income-driven repayment plans, with 7,700 more loans "potentially eligible" for forgiveness.
☆ Top talkers: These 20 lawmakers spoke the most on the House and Senate floors during the 117th Congress, including Rep. Buddy Carter and Sen. Marsha Blackburn
  + stars: | 2022-12-26 | by ( Nicole Gaudiano | Oma Seddiq | ) www.businessinsider.com   time to read: +6 min
Some lawmakers delivered dozens of floor speeches during the 117th Congress, C-SPAN's tracking showed. Most members don't usually hang out on the House or Senate floor to hear their colleagues' speeches. These House members spoke the most on the House floor during the 117th Congress. "It is my duty to use the House Floor as a vehicle to share their views, needs, and successes. That's because the Senate floor is typically where leaders make announcements to their members on legislation and nominations, among other topics.
☆ Biden's student-loan forgiveness plans are 'a Titanic heading straight for an iceberg,' a top Republican lawmaker says
  + stars: | 2022-12-15 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +3 min
Rep. Virginia Foxx criticized Biden's student-debt relief plans on the House floor on Tuesday. She said his plans to reform income-driven repayment plans would lead to "over-borrowing." Biden plans to lower monthly payments on income-based plans for implementation in the summer. "President Biden is turning the federal student loan program into a Titanic heading straight for an iceberg," Foxx said. But Biden's plans to reform income-driven repayment plans by lowering monthly payments for borrowers are not held up in court, and they're scheduled for implementation in the summer.
☆ Colleges should provide the true cost of attendance after report finds most schools don't give clear information
  + stars: | 2022-12-13 | by ( Katie Lobosco | ) edition.cnn.com   time to read: +4 min
Congress should require colleges to give students an accurate price for the cost of attendance, the Government Accountability Office said in a recent report that found that most colleges fail to provide all the financial information students need. Prospective college students usually receive a financial aid letter from schools once they are accepted. “Federal law doesn’t require colleges to include clear, standard information in all of their financial aid offers. The bill is one of many legislative efforts that aim to provide students and their families better information about the cost of college. In addition, last month, the Department of Justice released new guidance that aims to make it easier to have federal student loan debt discharged in bankruptcy – a particularly difficult legal process under the previous policy.
☆ A top GOP lawmaker staunchly opposed to Biden's student-loan forgiveness policies pledges to make 'oversight a priority' if selected to lead the House education committee
  + stars: | 2022-12-08 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
GOP Rep. Virginia Foxx received a waiver to run for chair of the House education committee. She has been highly critical of Biden's student-debt relief and plans to bolster oversight over the reforms. "If I am selected to Chair the Committee, I will make oversight a priority and put the federal government in its place. Since Biden took office, Foxx has been highly critical of the higher education policies and reforms he has enacted, specifically related to student debt. Biden's administration is continuing to fight for it's student-debt relief plan, with the matter now sitting at the Supreme Court.
☆ Some students are graduating college with 'unmanageable' debt — but it's not their fault, a government watchdog finds
  + stars: | 2022-12-06 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +5 min
Specifically, 91% of colleges are understating the net price, which can mislead students into taking on more debt. Current federal law does not require colleges to follow standards when presenting financial aid packages. Not counting student loans in the total cost could present a misleading picture of how expensive a degree would be, pushing students further into debt. "Colleges that estimate the net price by subtracting student loans from the cost of attendance do not present the full net price because students generally must repay their student loans eventually," the report said. "Additionally, subtracting student loans in the net price estimate presents loans as the default method for paying for college, potentially encouraging students to borrow more than they otherwise would."
☆ Meet a Republican who would have all $10,000 of his student loans canceled under Biden's plan but thinks it's an unfair policy
  + stars: | 2022-11-27 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com   time to read: +7 min
He told Insider he wasn't surprised to see court challenges and worried for people who got refunds. Since Biden announced his plan at the end of August to forgive up to $20,000 in student debt for federal borrowers, the plan has been fraught with legal challenges. I think many of the court challenges have tried to shine light on that," Matthew said. "My generation, the millennial, Gen Z generation, are facing a significant problem with student-loan debt," he said. "This radical scheme must be eviscerated entirely, and Republicans will continue to support legal challenges to achieve that end."
☆ Republicans are gearing up to investigate Biden's student-debt relief when they take control of the House
  + stars: | 2022-11-21 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
GOP Reps. Virginia Foxx and Jason Smith began oversight actions on Biden's student-debt relief. It comes as Biden's debt relief remains on hold due to rulings from two federal courts. While Democrats maintained control over the Senate in the midterms elections, Republicans managed to win a slim majority over the House — and they're likely to use that power to investigate the Biden administration. They have supported the two lawsuits that have successfully put a pause on the implementation of the debt relief. The department has also taken matters to the Supreme Court, most recently appealing the decision of the 8th Circuit Court of Appeals to continue its pause on Biden's debt relief.
☆ Biden's Education Department 'will hold onto' student-loan borrowers' debt cancellation applications so it can 'quickly process their relief once we prevail in court,' the White House says
  + stars: | 2022-11-11 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
The White House said the Education Department will hold onto borrowers' information during this time. The administration is appealing the decision and is confident its debt relief will prevail in court. But Biden's administration remains confident in its authority to discharge millions of borrowers' student loans. In a statement after the ruling, White House Press Secretary Karine Jean-Pierre said that "we strongly disagree with the District Court's ruling on our student debt relief program and the Department of Justice has filed an appeal." But the law is on our side and we will keep fighting for the millions of Americans with student debt."
☆ Biden's White House says the GOP's 'MAGA trickle-down economic plan' will increase student-loan payments and raise inflation for Americans
  + stars: | 2022-10-27 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
The White House said Republicans will raise inflation through their economic priorities. Biden's student-debt relief plan is currently paused as an appeals court makes a decision on its legality. "Republican officials are suing to block the Biden administration's student debt relief plan. If they succeed, that would mean higher debt payments for the over 40 million Americans who could benefit from up to $20,000 in student debt relief," the White House said. Even before Biden's August announcement of the debt relief, many Republican lawmakers were suspect of its legality.
☆ US math skills suffered their biggest-ever setback during COVID, with just 26% of 8th graders meeting the mark
  + stars: | 2022-10-24 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
Results from the Nation's Report Card found drastic declines in math scores for fourth and eight graders. Just 26% of eight graders are proficient in math, down from 34% in 2019. Cardona said that while the pandemic is partly to blame, years of disinvestment in education is a major factor. The results were stark — math scores for eighth graders dropped in nearly every state, with just 26% of them proficient in the subject, down from 34% in 2019. For fourth graders, the average math score fell by five points, and reading scores for both grades fell by three points.
☆ Biden's student-loan forgiveness could be delayed as lawsuits mount. Here's where 6 major cases stand.
  + stars: | 2022-10-19 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +8 min
Biden's student-loan forgiveness is facing at least six lawsuits from conservative groups. The administration faces at least six major lawsuits seeking to halt Biden's debt relief plan. For now, borrowers can still continue applying for debt relief on the studentaid.gov website that will close in December 2023. On September 27, the Pacific Legal Foundation — a conservative nonprofit legal organization — helmed the first major lawsuit against Biden's debt relief. On October 19, WILL asked the Supreme Court to halt Biden's debt relief will waiting for a decision on its appeal.
☆ It's still unclear if your student debt will be forgiven before payments resume in January — or how your loan company will carry out the relief
  + stars: | 2022-10-16 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +8 min
Payments are still set to resume in January 2023 after being on pause for over two years during the pandemic. When announcing the debt relief, Biden said the extension of the payment pause through December 2022 would be "final," while also noting that the application to apply for relief would go live in early October. While the Education Department recommends borrowers submit their applications by mid-November so the relief can hit their accounts before payments resume, it remains to be seen how effectively student-loan companies will implement the relief. "Another concern is with the loan servicers – we must ensure that they aren't engaging in deceptive or illegal behavior, and holding them fully accountable if they do," she added. And income-driven repayment plans, which are intended to give borrowers affordable monthly payments with the promise of loan forgiveness after at least 20 years, had the same issue — recent reports found loan companies had failed to track payments borrowers had made.
☆ Biden's student loan relief plan will cost $400 billion. Republicans call it 'unsustainable' and Democrats say it will give 'Americans more breathing room.'
  + stars: | 2022-09-26 | by ( Juliana Kaplan | ) www.businessinsider.com   time to read: +4 min
A new report from the Congressional Budget Office finds student loan relief will cost $400 billion. Now, the nonpartisan Congressional Budget Office is shedding light on how much relief will cost: $400 billion, plus $20 billion from outstanding loan payments and interest being paused through December. The $400 billion also pales in comparison to major expenditures from the administration, like $796 billion on defense in 2022. The student loan relief will disproportionately impact Black and Latino borrowers, millennials, and public servants such as teachers, police, and non-profit workers. "Today's CBO estimate makes clear that millions of middle class Americans have more breathing room thanks to President Biden's historic decision to cancel student debt," Sens.
☆ Congress just made it possible for student-loan borrowers who combined their balances with a spouse to separate their debt and receive federal loan forgiveness
  + stars: | 2022-09-21 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +5 min
Congress passed a bill to allow student-loan borrowers with spousal loans to separate their debt. Until now, law prohibited the separation of spousal loans because Congress shuttered the program in 2006. On Wednesday, the House passed the Joint Consolidation Loan Separation Act of 2021, which allows those with spousal loans to separate their balances. "They will be immediately able to apply for the severance of their loan," Price told Insider in a Monday interview. The passage of this bill comes at a critical time for student-loan borrowers with spousal debt.
☆ The CEO of a major student-loan company says he won't sue Biden on debt cancellation even though he 'clearly' has standing
  + stars: | 2022-09-16 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
Navient CEO Jack Remondi said he won't sue Biden on his student-loan forgiveness plan. However, he did note his company would have standing to bring forth legal action. Remondi addressed those threats and said that Navient would "clearly" have the legal standing to challenge the policy because it owns loans within the Federal Family Education Loan (FFEL) program. But in terms of whether Navient will actually sue, Remondi said: "It won't be us." "It's pretty clear that the precedent here requires someone to have standing in order to sue.
☆ 2 GOP lawmakers are looking into whether Biden's student-loan forgiveness is a 'serious ethics violation' and benefits staffers who helped craft the policy
  + stars: | 2022-09-16 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
GOP Reps. Foxx and Comer want investigations into the ethics of Biden's student-loan forgiveness. They're concerned that the staffers who helped craft the policy could stand to benefit from it. The White House has not yet given a direct response to Foxx and Comer's concerns. —Oversight Committee Republicans (@GOPoversight) September 15, 2022Since Biden announced the debt relief, Republicans have been on the offense, pursuing many routes to attempt to prevent the loan forgiveness from coming to fruition. Amid GOP pushback, Democratic lawmakers are blasting Republicans for trying to take relief away from millions of working Americans.
☆ Elizabeth Warren slams Rick Scott's 'shameless attempt' to pass a bill that would block Biden's student-loan forgiveness
  + stars: | 2022-09-15 | by ( Ayelet Sheffey | ) www.businessinsider.com   time to read: +4 min
Elizabeth Warren slammed Rick Scott for trying to pass a bill blocking student-loan forgiveness. Senate Democrats blocked that bill from passing, and on Wednesday, Warren blasted Scott for trying to push the legislation through. "This is a shameful attempt by Republicans to keep working Americans buried under mountains of student debt," Warren said on the Senate floor. Still, during his floor speech after his bill was blocked, Scott reiterated conservative criticisms of student-loan forgiveness. Other GOP lawmakers have introduced bills to block student-loan forgiveness, saying the scale of this relief was illegal.
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