Exclusive: Bob Good, Jim Banks Introduce Bill to Stop Biden’s Costly Freeze on Student Loan Payments

AP Photo/Mel Evans

Reps. Bob Good (R-VA) and Jim Banks (R-IN) will introduce a bill forcing the end to the Biden administration’s freeze on federal student loan repayments, a policy which both representatives say “primarily helps higher-income Americans.”

The Federal Student Loan Integrity Act, exclusively obtained by Breitbart News, would prohibit Secretary of Education Miguel Cardona from using the Higher Education Relief Opportunities for Students (HEROES) Act — in conjunction with the coronavirus emergency declaration — to extend the moratorium on repayment, interest accrual, and collections for “affected individuals” that has been in effect since March of 2020.

The bill would “end Biden’s regressive and special interest fueled student loan moratorium policy,” according to a Republican Study Committee press release exclusively obtained by Breitbart News. If the Biden administration chooses to continue the payment freeze, it would be the fourth extension since the president took office. Former President Donald Trump extended it twice as well.

“The pause so far has cost the taxpayers over $76 billion, more than any other federal higher education expense during that period,” the press release stated. “This policy primarily helps higher income Americans; most beneficiaries are in the top 40% of income earners. Democrats and the Biden Administration may claim that they are worried about inflation, but the continued extension of this policy has helped drive up costs for working class Americans.”

“For every month that Biden extends the student loan payment pause, student loan borrowers will save another $5 billion,” Forbes points out but leaves out the fact that American taxpayers are footing that bill. Leftist senators like Elizabeth Warren (D-MA) are pressuring the Biden administration to “cancel student debt” entirely.

“The Biden Administration needs to put an end to their COVID madness once and for all,” Good told Breitbart News. “As the American people are going back to work, President Biden continues to cause suffering from run-away inflation caused by his endless spending and tone-deaf energy policies. After two years of shuttering countless businesses and making it much harder to buy gas and groceries, it is adding insult to injury to force working families to continue subsidizing the elite’s student loans. That is why I am proud to introduce the Federal Student Loan Integrity Act with Chairman Jim Banks of the Republican Study Committee.”

“The Secretary has undermined the intent of Congress and abused its authority provided by the HEROES Act to amend statutory provisions of title IV of the Higher Education Act … to provide benefits for borrowers beyond those deemed as ‘’affected individuals,'” the bill states.

“The bill would protect taxpayers by ensuring the executive branch does not abuse current law as a back door for needless, inflationary student loan relief,” according to the press release.

“Americans are fed-up with anti-science restrictions, and the polling proves it,” Banks said in the press release. “That is why Joe Biden declared victory over COVID at his State of the Union, but Democrats are addicted to endless pandemic spending. Republicans need to use their oversight power to ensure that this administration stops using COVID as a never-ending excuse to expand its power, waste taxpayer dollars and further fuel inflation.”

Good-Banks_Federal Student … by Breitbart News

Breccan F. Thies is a reporter for Breitbart News. You can follow him on Twitter @BreccanFThies.


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