Fake Outrage over the Debt Limit Spurred House Leadership to Release a Cruel, Unjust, and Irresponsible Vision for How Americans Pay for College, Blocking All Future Administrations from Cancelling Debt, Fixing Broken Programs
April 19, 2023 | WASHINGTON, D.C. — Moments ago, House Republican leadership released a radical plan to hold the full faith and credit of the United States hostage by driving vulnerable student loan borrowers further into debt. The proposal aims to cut government spending on critical programs that working people and families rely on.
In response, Student Borrower Protection Center Executive Director Mike Pierce issued the following statement:
“Out of touch House Republicans are waging their losing culture war by pushing a permanent student debt crisis as a solution to the fake debt limit stand-off.
“This does more than block badly needed action to cancel student debt for nearly everyone—House Speaker Kevin McCarthy has proposed unwinding the widely popular pandemic-era pause on interest charges and reversing debt discharges already granted to more than 100,000 teachers, healthcare workers, and others who served on the front lines of America’s pandemic response.
“Even worse, this proposal would make permanent the debt trap for any borrower who does not earn enough money to afford their monthly loan bills by blocking the Administration’s newly proposed Income-Driven Repayment plan. The student loan system was broken when President Biden inherited it from Donald Trump. Kevin McCarthy and House Republicans are making it clear they like it that way.”
About Student Borrower Protection Center
The Student Borrower Protection Center (SBPC) is a nonprofit organization focused on eliminating the burden of student debt for millions of Americans. We engage in advocacy, policymaking, and litigation strategy to rein in industry abuses, protect borrowers’ rights, and advance racial and economic justice for all.