House GOP Pushes ED for Cost Estimate on Student Loan Debt Relief Proposals
Hugh T. Ferguson
January 19, 2024
A pair of top House Republicans are calling on the Department of Education (ED) to provide cost estimates and promised regulatory text from the recent negotiated rulemaking committee on student debt relief, with the lawmakers expressing concern over the administration’s efforts to implement loan forgiveness without congressional approval.
In a letter penned by Reps. Virginia Foxx (R-N.C.), chair of the House Education and the Workforce Committee, and Jody Arrington (R-Texas), chair of the House Budget Committee, the lawmakers – who have long opposed the White House’s effort to carry out student debt relief – request that ED provide Congress with cost estimates associated with the programs, and details on the unreleased regulatory text developed during December’s student loan debt relief committee.
The committee reached consensus on a number of proposals — such as providing forgiveness when a loan is eligible based on repayment plan, or waiving the outstanding balance of a loan received by a borrower associated with gainful employment programs with high debt-to-earnings rates or low median earnings — but did not reach consensus on others. Where the committee did reach consensus, the regulatory text ED publishes in its proposed rule will reflect the language the committee agreed to. The other portions, however, can be drafted as ED sees fit, presumably taking into account the comments and discussion from the neg reg committee.
