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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Mr. SARBANES. Mr. Speaker, I rise today in strong opposition to this resolution, which threatens the financial well-being of millions of Americans, including more than 260,000 hardworking public servants who have achieved or are working to achieve student loan relief under the Public Service Loan Forgiveness Program.

In 2007, I authored the PSLF program to help relieve the burden of student loan debt for public servants who contribute so much to our communities but often receive far less pay and fewer benefits than their private sector counterparts.

Under PSLF, these individuals--teachers, first responders, community health and social workers, service members and more--are eligible for forgiveness of their remaining federal student loan balances after completing 10 years of public service and making 120 qualifying payments on their loans.

I am pleased that the Biden Administration has made changes to strengthen PSLF and other student loan programs.

Unfortunately, the resolution before us today would reverse that progress, causing significant confusion and financial stress for these individuals.

By rolling back recent regulations, this resolution could put millions of Americans in financial jeopardy, forcing them to make payments on loans they had been told were on pause. It would also delay PSLF borrowers from getting their forgiveness and turn back the clock on those who received loan forgiveness during the payment pause.

This is not only confusing--it is just wrong. Rather than renege on the promise we made to these individuals, we must do everything we can to strengthen PSLF to give public service workers the relief they have earned.

I strongly urge my colleagues to oppose this resolution.

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