Ranking Member Scott Votes “NO” on Republicans’ Plan to Raise Student Loan Payments for 5.5 Million Borrowers
“We’re responsible for strengthening support for those seeking a college degree—not just because everyone should be forced to get one—but because those who want a college degree should have access to that opportunity.”
WASHINGTON – Today, Ranking Member Robert C. “Bobby Scott” delivered the following floor remarks in opposition to House Republicans’ proposal to repeal the Saving on a Valuable Education student loan repayment plan (H.J.Res. 88).
View Ranking Member Scott’s floor remarks on YouTube.
“Mr. Speaker, I rise in opposition to H.J.Res. 88, the Congressional Review Act on the Saving on a Valuable Education (SAVE) Plan.
“Last August, the Department of Education launched the SAVE Plan, a new, generous income-driven repayment—or IDR—plan to significantly lower payments for many low- and moderate-income borrowers.
“Additionally, if borrowers make their full payment, but their full payment required is not enough to cover their accrued interest, the government covers the rest of the interest, and this means that the SAVE Plan eliminates the indignity of balances growing due to unpaid interest.
“The improved application allows borrowers to have their income securely assessed through the Internal Revenue Service, so that they don’t have to re-certify their incomes every year.
“Finally, repealing the SAVE Plan would be extremely disruptive for millions of Americans enrolled in the program. In fact, the Department reported last month that 5.5 million borrowers have already enrolled in the program, including nearly 18,000 borrowers in my district, and about 8,600 in the district represented by the gentlelady from North Carolina.
“They’re already enjoying the improvements in the plan and the lower payments.
“Mr. Speaker, we’re responsible for strengthening support for those seeking a college degree—not just because everyone should be forced to get one—but because those who want a college degree should have access to that opportunity.
“As President Johnson noted when he signed the Higher Education Act into law in 1965, he said that it meant ‘that a high school senior anywhere in this great land of ours can apply to any college or any university in any of the 50 States and not be turned away because [his or her] family is poor.’
“Repealing the SAVE Plan does nothing to make higher education more affordable or accessible, and, for that reason, Mr. Speaker, I oppose this bill.”
Read our fact sheet on H.J.Res. 88 here.
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