Legislation unveiled by U.S. Sens. John Thune (R-SD) and Bill Cassidy (R-LA) would end President Joe Biden’s suspension of repayments on qualifying federal student loans.
“It’s time for borrowers to resume repayment of their student loans,” Sen. Thune said. “I’m proud to lead this common-sense legislation that would protect taxpayers and prevent President Biden from suspending these loans in perpetuity.”
Sen. Thune on Feb. 16 sponsored the Stop Reckless Student Loan Actions Act of 2023, S. 506, with nine Republican original cosponsors, including Sen. Cassidy and U.S. Sens. Joni Ernst (R-IA) and Tim Scott (R-SC).
“President Biden is unfairly transferring the burden from those who willingly took on loans to those who did not,” said Sen. Cassidy. “There is no support for the man who didn’t go to college but is paying off a work truck, or the woman who responsibly paid off her student loans but is struggling with her mortgage. This legislation stops Biden from sticking them with the bill for hundreds of billions of dollars.”
If enacted, S. 506 would still allow the president to temporarily suspend repayment for certain low- and middle-income borrowers, as well as members of the U.S. Armed Forces during a time of war or national emergency, according to a bill summary provided by the senators.
Additionally, S. 506 would prohibit the president from canceling outstanding federal student loan obligations due to a national emergency, the summary says.
“Taxpayers, especially working families, should not be responsible for bearing the costs associated with President Biden’s federal student loan suspension,” added Sen. Thune. “It’s incredibly unfair to those who never incurred student debt because they didn’t attend college in the first place or because they either worked their way through school or their family pinched pennies and planned for higher education.”
The legislation is supported by Americans for Prosperity, the Committee for a Responsible Federal Budget, and the National Taxpayers Union.