WASHINGTON – Rep. Burgess Owens (UT-04), the Chair of the Subcommittee on Higher Education and Workforce Development, co-sponsored a Congressional Review Act (CRA) resolution to overturn President Biden’s reckless income-driven repayment (IDR) rule, known as the ‘Savings on a Valuable Education (SAVE)’ plan. Experts estimate that the SAVE scheme could leave taxpayers on the hook for as much as $559 billion, making it the costliest regulation in U.S. history.

“The courts have confirmed – President Biden’s plan to cancel student loan debt at the expense of millions of hardworking Americans is unconstitutional,” said Rep. Owens. “Despite hiking tuition rates and incentivizing excess borrowing, this administration’s scheme does nothing to solve the root cause of America’s broken student loan system. As the Chair of the Subcommittee on Higher Education and Workforce Development, I am proud to support this resolution to hold the White House accountable for its illegal use of executive authority and will continue to fight for a fiscally responsible, targeted solution to reform the federal student loan program.”

Biden’s “SAVE” Scheme:

• Is estimated to cost as much as $559 billion –making it the most expensive regulation in history and more than doubling the cost of the current IDR program.
• Exacerbates the problems of rising college costs and excessive borrowing.
• Subsidizes some graduate students’ loans more than what low-income households receive in federal housing assistance or Medicare benefits.
• Guarantees that up to 80 percent of undergraduate student loan borrowers will never repay their loans fully. 

The full text of the legislation is available here. 

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