As President Joe Biden signals more actions toward federal student loan debt cancellation, a group of Republican Senators is pushing a bill aimed at preventing him from doing that.
The yet-to-be-numbered bill is sponsored by Senate Minority Whip John Thune (R-S.D.), alongside Sens. Richard Burr (R-N.C.), Mike Braun (R-Ind.), Bill Cassidy (R-La.), and Roger Marshall (R-Kan.). If the bill is passed as it is currently outlined, the president or the education secretary will not be able to cancel outstanding federal student loan balances without the approval of Congress.
It also states that the education secretary can pause interest and payments for federally held student loans for 90 days after a declaration of national emergency but cannot extend that pause consecutively. And there must be an income cap so that borrowers with income over 400 percent of the federal poverty line will not be covered.
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