Senate Republicans fail to stop Biden’s new student loan income-driven repayment plan
by Lexi Lonas - 11/15/23 10:16 PM ET
Senate Republicans failed in their efforts to pass a resolution to overturn President Biden’s new student loans income-driven repayment (IDR) plan.
In a 49-50 vote, all Republicans and Democratic Sen. Joe Manchin (W.Va.) voted in support of a Congressional Review Act (CRA) resolution that would have halted the Saving on Valuable Education (SAVE) IDR plan, which went into effect this fall.
The CRA makes it so only 50 votes would have been needed to pass the resolution instead of the 60 that is typically needed to beat a filibuster.
“This is irresponsible. This is deeply unfair,” Sen. Bill Cassidy (R-La.), ranking member of the Senate Health, Education, Labor and Pensions (HELP) Committee, said of Biden’s plan before the vote.
The SAVE plan is being implemented in two parts. This fall, borrowers are seeing a rise in income exemption for student loan payments from 150 percent to 225 percent above the federal poverty guidelines. Borrowers will also not see their unpaid interest grow.
Next year, borrowers will receive other benefits such as monthly payments getting cut from 10 percent of discretionary income to 5 percent.
more
https://thehill.com/homenews/education/4311557-senate-republicans-fail-to-stop-bidens-new-student-loan-income-driven-repayment-plan/
