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WASHINGTON – U.S. Senators Jim Risch (R-Idaho) and Mike Crapo (R-Idaho) today voted to overturn President Biden’s reckless income-driven repayment (IDR) rule, which will result in a majority of bachelor’s degree student loan borrowers not having to pay back the principal on their loans. This will cost taxpayers as much as $559 billion —likely the most expensive regulation in U.S. history.

“President Biden’s continued student loan schemes are far from ‘forgiveness,’” said Risch. “Taxpayers cannot be forced to foot the bill for other people’s academic and financial decisions.”

“Another ill-founded attempt by the Biden Administration to forgive student loans continues to place the burden of our nation’s exorbitant student loan debt on taxpayers,” said Crapo.  “We should instead address issues threatening our economy such as the ever-growing national debt and skyrocketing inflation.”

Risch and Crapo are cosponsors of this Congressional Review Act (CRA) resolution disapproving of President Biden’s second attempt to forgive federal student loans. On June 30th, President Biden announced the final IDR rule following the U.S. Supreme Court ruling to block his first illegal student debt scheme.