Washington, D.C. – Congresswoman Elise Stefanik today called out President Biden’s student loan announcement:
“Joe Biden’s reckless and illegal executive action will fuel the record-high inflation that is crushing every American and force the 87 percent of American adults who don’t have student loans to pay off the debts of the wealthy. This massive student loan bailout does nothing to rein in the cost of higher education or hold colleges accountable for saddling students with huge debt for degrees with little value in the workforce. House Republicans have introduced real solutions to fix the broken student loan system and protect taxpayers while expanding pathways to achieve the American Dream.”
Stefanik has proposed responsible solutions to address the broken student loan system through the Responsible Education Assistance through Loan (REAL) Reforms Act that prevents students from taking on unaffordable debt for degrees with little value, and reins in runaway loan forgiveness programs costing taxpayers tens of billions of dollars every year.
Stefanik warned of Biden’s executive actions that fuel inflation and called on him to consider the inflationary impact of his decision when she introduced the REIN IN Inflation Act.