Providing for Congressional Disapproval of the Rule Submitted By the Department of Education Relating to ``Waivers and Modifications of Federal Student Loans''

Floor Speech

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Ms. BONAMICI. Mr. Speaker, I rise today in strong opposition to this misinformed attempt by our Republican colleagues to deny some needed financial relief to about 43 million Americans.

Education is the best investment we can make to give everyone the opportunity to be successful in school and in life. In this Congress, we have repeatedly seen how willing our colleagues on the other side of the aisle are to put politics over people and special interests over students. This CRA is no different.

Facts matter. Let's set the record straight. President Biden's loan forgiveness plan helps a lot of borrowers with debt but no degree. Many were borrowers who were defrauded by their schools or who had to take on other responsibilities and couldn't complete their education.

The President's plan directs 90 percent--let me repeat--90 percent of relief to borrowers earning less than $75,000 per year. This may be news to my colleagues who continue to misrepresent that student debt relief will be a bailout for the rich. It is not.

Another fact. Because of interest capitalization and negative amortization, many student loan borrowers who are current on their payments still have loan balances that are the same as or even greater than when they first took out their loan. That is unfair.

Beyond the numbers, we must humanize who will be hurt the most if we allow this CRA to pass:

Our Nation's teachers in red and blue districts who work with students every day; healthcare workers and first responders in red and blue districts who keep our communities safe and healthy; caregivers in red and blue districts who support the work of raising and sustaining families; and our Nation's small business owners in red and blue districts who make communities vibrant and unique.

Mr. Speaker, I urge my colleagues to show some humanity, compassion, and empathy. Let's pass good-faith policies that make college more affordable and recognize the intrinsic value of opportunity and possibility in every American.

Mr. Speaker, I urge all of my colleagues to vote ``no'' on this regressive resolution that will harm people in Oregon and across the country.

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