Senate votes to repeal Biden's student loan forgiveness plan. White House warns Biden will veto Biden is expected to veto the action
A GOP-led effort to overturn President Joe Biden's sweeping student loan forgiveness plan passed the Senate on Thursday
A GOP-led effort to overturn President Joe Biden's sweeping student loan forgiveness plan passed the Senate on Thursday. The White House said it will veto the measure.
Biden's plan to cancel up to $20,000 in student debt for tens of millions of Americans is already on hold as the Supreme Court debates its validity.
The measure, which already passed the House along party lines last week, would also nullify the pause on student loan payments. That stay on bills has been in effect for over three years. It might even require borrowers to pay back the interest they've saved throughout the pause on bills.
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Given the expected veto, experts say borrowers have little to worry about.
"It's not going anywhere," said higher education expert Mark Kantrowitz. "It's basically a form of political posturing to appeal to their base."
Several Democratic lawmakers released statements condemning the legislation.
"Republicans' cruel attempt to stand in the way of President Biden's plans to provide relief to tens of millions of Americans suffering under the crushing weight of student loan debt is damaging to our economy and wildly out of touch with the financial realities facing working families," Sen. Ed Markey, D-Mass. said.
"If you kicked Republicans in the heart, you'd break your toe," Markey added.
This is breaking news. Please check back for updates.
This story originally appeared on: CNBC - Author:Annie Nova
