Congressman Bob Good (VA-05) has introduced the Federal Student Loan Integrity Act. This bill would prohibit Secretary of Education Miguel Cardona from using the Higher Education Relief Opportunities for Students (HEROES) Act—in conjunction with the coronavirus emergency declaration—to prolong any moratorium or so-called “forgiveness” of student loans.
“Americans shouldn’t be forced by the government to pay for the student loans of others. It isn’t fair to those who chose to forego or pay off their loans in a responsible and timely manner. Student loan cancellation doesn’t make the debt go away—rather, it shifts the costs from student loan borrowers to American taxpayers,” said Congressman Bob Good. “The Biden regime’s proposed so-called student loan ‘cancellation plan’ could cost taxpayers $500 billion and risk driving inflation even higher.”
Federal student loans make up approximately 92% of all student debt. President Biden’s initial student loan plan to “forgive” up to $10,000 of debt for each borrower is currently under review by the United States Supreme Court. Rather than waiting for the Court to rule, the Biden Administration rolled out a new plan on January 10, 2023 which could take effect in 2024.
“My bill will ensure that hardworking Americans are protected from the Biden administration and future administrations attempting to use current law as a backdoor for massive student loan payment redistribution,” said Good.
Cosponsors (2): Tom McClintock (CA-05), Mary Miller (IL-15)