Today, Education and Labor Committee Republican Leader Virginia Foxx (R-NC) released the following statement after the Department of Education announced final regulations which fail to address major problems in the federal student loan system:
“The Department of Education’s new regulations to ‘streamline and improve’ student loan programs do nothing of the sort. Instead of addressing the root causes of our failing postsecondary education system, including rising costs of college, the Biden administration is bypassing Congress to restructure Borrower Defense and the Public Service Loan Forgiveness program in radical ways.
“The administration does not have the authority to enact such fundamental and costly changes to these programs. Biden is forcing taxpayers to cough up hundreds of billions of dollars to fund a scheme that will encourage more reckless future borrowing."
