Utah Valley Times

U.S. Senator Mitt Romney (R-UT), a member of the Senate Health, Education, Labor, and Pensions (HELP) Committee, has joined Senator Bill Cassidy, M.D. (R-LA), HELP Committee Ranking Member, and U.S. Representative Virginia Foxx (R-NC), Chairwoman of the House Education and the Workforce Committee, in urging the Department of Education to withdraw its latest proposal to transfer student loan debt onto American taxpayers. The proposed rule by the Department of Education is projected to cost an additional $147 billion and could bring the total student loan debt transferred to taxpayers up to $1 trillion.

“The latest Notice of Proposed Rule Making (NPRM) proposed by your Department of Education on April 17, 2024, represents the latest in a string of reckless attempts to transfer as much as $1 trillion of student loan debt from those who willingly borrowed to those who did not or have already repaid their loans,” wrote the lawmakers. “In addition to the fiscally irresponsible nature of this backdoor attempt to enact ‘free’ college, the administration continues to use borrowers as political pawns knowing full well these proposed actions are illegal. The Supreme Court has made it abundantly clear that there is zero authority to write-off federal student loans en masse last June when the Department’s ‘Plan A’ was ruled unconstitutional.”

The lawmakers continued: “Instead of exacerbating the problems of inflated college costs and low-value degrees, we urge you to withdraw this NPRM and work with Congress. It is past time that we fix our nation’s broken higher education financing system.”

Joining Romney, Cassidy, and Foxx in signing the letter were U.S. Senators John Barrasso (R-WY), Marsha Blackburn (R-TN), Katie Britt (R-AL), Mike Braun (R-IN), Ted Budd (R-NC), Shelley Moore Capito (R-WV), John Cornyn (R-TX), Tom Cotton (R-AR), Mike Crapo (R-ID), Kevin Cramer (R-ND), Ted Cruz (R-TX), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsey Graham (R-SC), Chuck Grassley (R-IA), Josh Hawley (R-MO), John Hoeven(R-ND ), Cindy Hyde-Smith(R-MS ), Ron Johnson(R-WI ), John Kennedy(R-LA ), James Lankford(R-OK ), Cynthia Lummis(R-WY ), Roger Marshall(M.D.R-KS ), Mitch McConnell(R-KY ), Jerry Moran(R-KS ), Markwayne Mullin(R-OK ), Pete Ricketts(R-NE ) Jim Risch( R-ID ) Mike Rounds( R-SD ) Eric Schmitt( R-MO ) Tim Scott( R-SC ) Dan Sullivan( R-AK ) John Thune( R-SD) Thom Tillis( R-NC) Tommy Tuberville( R -AL) Roger Wicker( R-MS) Todd Young(IN-R ). They were also joined by 90 lawmakers from the U.S. House of Representatives.

The full text of their letter states:

Dear Secretary Cardona,

The latest Notice of Proposed Rule Making(NPRM) proposed by your Department on April 17 ,2024 represents reckless attempts transferring as much as $1 trillion student loan debt from those who willingly borrowed those who did not or have already repaid their loans . We strongly urge you withdraw it.

Biden administration describes regulation “targeted relief” yet department’s own estimates show opposite broader than first attempt estimated price tag $147 billion taxpayers forced take on nearly 28 million borrowers while department likely does not wish highlight how much proposal would help wealthy outside estimates show borrowers eligible for relief under certain provisions proposal will have typical income over$300000 unfortunately department did not include analysis distributional effect regulations .

In addition fiscally irresponsible nature backdoor attempt enact free college administration continues use borrowers political pawns knowing full well these proposed actions illegal supreme court made abundantly clear zero authority write off federal student loans en masse last June when departments plan ruled unconstitutional

Further regulation only part departments Plan B notes long anticipated regulation cancel loans borrowers facing hardship broad term defined under NPRM grant department full authority cancel any loan pleases still forthcoming according budget experts additional changes would bring total cost departments Plan B nearly$750 billion almost double cost Plan A

Plan B hinges creating extensive regulations based scant statutory text written1965 describes then commissioner education at department health education welfare enforce pay compromise waive release any right title claim lien demand however acquired including equity any right redemption under Federal Loan Insurance Program certain drafters1965 through last reauthorization2008 did not contemplate words used cancel massive portions balances statute no history broad use previous secretary previously deemed administration less likely hold up court than Plan A

While administration dedicated resources needed draft proposal benefit those already able attend college simultaneously failed competently implement Free Application Federal Student Aid FAFSA simple36 question form helps nation neediest current prospective attendees understand what federal financial aid available them failure make FAFSA available prospective students time life long consequences many young Americans know March29 FAFSA completion seniors high school down40 percent those do not file likely not attend next year maybe never will

Instead exacerbating problems inflated costs low value degrees urge withdraw NPRM work congress past time fix nations broken higher education financing system

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