Connect with us

Credit & Loans

GOP Bill Wants Student Loans Paid, Not Canceled



Cash dollars money with blue note written Pay Off Student Loans | GOP Bill Wants Student Loans Paid, Not Canceled | featured

Senate Minority Whip John Thune (R-SD) and other GOP senators are introducing a bill preventing the cancellation of student loans. The bill aims to bar President Joe Biden from issuing an order wiping out outstanding student debt.

It also called on the President to lift all moratoriums on student loans so loan companies can resume collection.

RELATED: Will Biden Cancel Student Debt? Deluded Schumer Thinks Yes

‘Common Sense Legislation’

Miniature graduation cap on hundred dollar bills | Will Biden Cancel Student Debt? Deluded Schumer Thinks Yes

Thune filed the bill amid growing calls for Biden to arbitrarily cancel all existing student loans. In a statement, Thune explained that it was time to come back to reality.

“As Americans continue to return to the workforce, it is time for borrowers to resume repayment of student debt obligations. Taxpayers and working families should not be responsible for continuing to bear the costs associated with this suspension of repayment.”

Sign Up For The Capitalist Newsletter

The South Dakota senator added that the bill aims to protect ordinary American taxpayers. “This common-sense legislation would protect taxpayers and prevent President Biden from suspending federal student loan repayments in perpetuity,” he added.

Thune’s bill also received support from fellow Republican lawmakers. This includes Sens. Bill Cassidy (LA), Richard Burr (NC), Mike Braun (IN), and Roger Marshall (KS).   

Bill Also Aims to Stop Biden From Continually Suspending Student Debt Payments

In addition, Thune’s bill will also set a limit on how long the Biden administration can suspend debt payments.

Also, the bill will exempt borrowers with income above 400 of the poverty line from any further moratoriums. Thune also wants to include congressional oversight in the student debt suspension process. 

Former President Donald Trump first suspended student loan payments in May 2020 due to the pandemic. Biden followed suit, holding off payments multiple times during his first two years in office.

However, even as the economy continues to improve, the government has yet to signal the resumption of loan payments. 

Progressives Want Complete Forgiveness Of Student Loans

Meanwhile, progressives from the Democratic Party are calling for the cancellation of all student loans. They want Biden to issue an executive order that wipes out all school loans.

They say that many graduates need to delay major life decisions because of debts hanging over them. Democrats also say that student loans disproportionately affect minorities. 

Top Democrats and independent leaders in Congress are spearheading the movement to cancel student debt. This includes Senate Majority leader Chuck Schumer (D-NY) and Senator Bernie Sanders (I-VT).

Reportedly, Biden met with lawmakers last week to look at options of canceling school loans via executive action.

Previously, Biden expressed his preference that Congress take the lead in canceling or reducing student loans. Biden also went on record previously for saying he only approves forgiveness of up to $10,000 per student. 

Majority of Americans Do Not Have College Degrees

Meanwhile, Republicans insist that the continued student debt moratorium bails out high-income earners at a time jobs are aplenty. Suspending payments is fiscally irresponsible and subverts the aims of Congress.

In addition, Sen. Bill Burr finds it hypocritical for the administration to continue suspending payments. Biden wants the American populace to return to normal.

However, he also continues to extend emergency relief programs. “They can’t have it both ways. Resuming student loan repayments is long overdue, especially in today’s strong job market,” he said. 

Sen. Mike Braun agrees, noting that not everybody chose to borrow money for a college education. “The majority of Americans do not have college degrees.

Why should they be forced to pick up the tab for college degrees in the name of pandemic relief? This transfer of wealth is not a move to ‘advance equity,’ but rather a taxpayer handout to appease far-left activists.”

Watch the PBS NewsHour video reporting why Biden’s pledges of free college, waiving student debt remain unfulfilled:

Should the government forgive all pending student loans?

Please Select One:

View Results

Loading ... Loading ...

What do you think of Republican moves to prevent the administration from canceling student loans? Do you support the idea to resume the collection of loan payments, given that jobs are plentiful now?

Tell us what you think. Share your comments below.



  • Donna Cassiere says:

    Why can’t they resume payments with 0% interest for a 5 year period? Also the federal student loan program must be eliminated, let the colleges use their endowments, if you do that college costs will decline!!

  • Christian Felan says:

    This is the democrats latest attempt at buying votes. How is this even fair? I went to college and paid off all my loans on a teacher’s salary. Why should I have to help payoff someone else’s loan?
    College isn’t for everyone. If you don’t plan on paying back loans don’t take em out

Leave a Reply

Your email address will not be published. Required fields are marked *

Sign Up For The Capitalist Newsletter

Copyright © 2023 The Capitalist. his copyrighted material may not be republished without express permission. The information presented here is for general educational purposes only. MATERIAL CONNECTION DISCLOSURE: You should assume that this website has an affiliate relationship and/or another material connection to the persons or businesses mentioned in or linked to from this page and may receive commissions from purchases you make on subsequent web sites. You should not rely solely on information contained in this email to evaluate the product or service being endorsed. Always exercise due diligence before purchasing any product or service. This website contains advertisements.

SUBSCRIBE TODAY AND GET A FREE GIFT from our editors at the capitalist

The Capitalist will send you business and markets news, data, analysis, and videos from the world.