Westbank Louisiana News

WASHINGTON – Today, U.S. Senator Bill Cassidy, M.D. (R-LA), ranking member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, criticized President Biden’s latest student loan scheme that further shifts college debt onto taxpayers. Dr. Cassidy expressed his concerns about the administration's plan to transfer student debt onto taxpayers, especially for those with accrued interest and those who have not repaid their loans within 20 years.

Regarding the administration's actions, Dr. Cassidy stated, “The Supreme Court already ruled the Biden administration doesn’t have the authority to unilaterally take student debt from those who willingly took it on and transfer it to taxpayers who chose not to go to college or already worked to pay their loans off.” He questioned the lack of relief for individuals who did not attend college but are diligently working to pay off their loans or those who have already paid off their student debt but are facing financial challenges.

Dr. Cassidy also raised concerns about the financial implications of the administration’s income-driven repayment (IDR) scheme, highlighting that it could cost taxpayers as much as $559 billion by allowing a majority of bachelor’s degree student loan borrowers to have a zero monthly payment amount due and not pay back the principal on their loans.

In addition to criticizing the student loan policies, Dr. Cassidy pointed out the Biden administration's failures in implementing the new Free Application for Federal Student Aid (FAFSA) program, causing delays that hinder students and families from accessing essential financial aid information when selecting affordable colleges to attend.

As the Biden administration continues to focus on its student loan initiatives, Dr. Cassidy emphasized the importance of addressing the concerns raised by these policies and ensuring that taxpayers are not burdened with the debts of others.

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