7/27/2023 0 Comments Icash loan application![]() ![]() Congress could override Biden’s expected veto, but with a nearly evenly-divided Congress, a two-thirds majority needed for an override would be difficult to achieve and would require substantial Democratic defections.īut the Congressional Review Act resolution is just one of several Republican-led efforts to undo Biden’s student loan debt relief plans. However, even if the resolution passes Congress, President Biden would have to sign it for it to become law - something he is not likely to do. ![]() And at least some moderate Democrats in the Senate have expressed skepticism about Biden’s student loan debt relief initiatives. While Democrats maintain a slim majority in that chamber, it would just take two Democratic senators to join Republicans for the effort to succeed. ![]() And the resolution even stands a chance in the Senate. The Congressional Review Act resolution could very well pass in the House of Representatives, where Republicans hold a slim majority. ![]() Congress should be acting to improve the circumstances of the American people, not attempting to thwart the President’s efforts to ease the financial pressure that so many are feeling.” Will Efforts To Repeal Student Loan Forgiveness Succeed? Policymakers now seeking to reverse such critical relief through the CRA are ignoring the economic needs of their own constituents and threatening our nation’s financial security. “The American people, the law, and the economic instability of the present moment all emphasize the necessity of debt cancellation and the continuation of the payment pause until cancellation is realized. “Overturning the payment pause and forcing borrowers into immediate repayment would have a devastating effect on borrowers in every community,” warned the the coalition. This week, a coalition of over 260 organizations sent a letter to lawmakers urging them to reject the Republican-led plan. “Because the pandemic-era pause on student loan payments provided months of credit toward Public Service Loan Forgiveness (PSLF), this proposal would force to claw back months of progress towards PSLF and Income-Driven Repayment relief and even reinstate already-cancelled debts for more than 156,000 public service workers.” “If enacted, the extreme partisan proposal would also result in chaos for military families, educators, first responders, and other public service workers in communities across the country,” said the Student Borrower Protection Center in a statement. Borrowers who received student loan forgiveness based on credit from Biden’s most recent extension of the student loan pause could have their student loan forgiveness reversed, and their loan balances reinstated, if the Congressional Review Act resolution is successful. The student loan pause can count as qualifying periods toward loan forgiveness under the Public Service Loan Forgiveness program and Income-Driven Repayment plans. In addition, borrower advocates are warning that repealing Biden’s most recent extension of the student loan pause could actually result in the reversal of student loan forgiveness already approved for tens of thousands of borrowers. If the Republican-led plan is successful, those 16 million approvals would be reversed. While no borrowers have received student loan forgiveness under Biden’s one-time student debt relief plan, the Education Department had approved over 16 million borrowers before the application process was halted in response to legal challenges. Advocates Warn GOP Plan Would Reverse Student Loan Forgiveness Foxx’s committee will hold a markup hearing on the legislation on Wednesday, a key step in the legislative process to advance the plan. ![]()
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