[Congressional Record Volume 169, Number 105 (Thursday, June 15, 2023)]
[Senate]
[Pages S2106-S2107]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                             Student Loans

  Mr. President, now on a totally different matter, in the coming days, 
the Supreme Court will rule on President Biden's plan to impose student 
loan socialism on millions of working families across America. The 
Court's decision will settle whether the President is allowed to use 
two-decade-old ``emergency'' authorities dating back to the early days 
of the War on Terror to put $430 billion in debt on the American 
taxpayers without congressional approval. But the American people don't 
need to wait for the Supreme Court to explain to them why letting 
wealthy people dine and dash doesn't make sense; they know the Biden 
administration's plan adds up to a raw deal.
  Almost a third of all student debt in America is held by the 
wealthiest 20 percent of households. Only 8 percent--8 percent--is held 
by the bottom 20 percent of households. Sure enough, one prominent 
analysis found that more than 70 percent of President Biden's so-called 
loan forgiveness could go to the top 60 percent of earners. It is no 
surprise when you consider that the median annual income of young 
college graduates is 55 percent higher than folks working with high 
school diplomas. In some cases, Americans who choose to go to college 
already have an extra leg up. More students at the Nation's most elite 
colleges have parents among the top 1 percent of earners than the 
bottom 50 percent.
  The facts are so clear--so clear--that even a former top Obama 
administration economist has admitted that

[[Page S2107]]

``across-the-board student loan forgiveness is regressive''--student 
loan forgiveness is regressive.
  So, Mr. President, it is really pretty simple. Millions of Americans 
choose--choose--to take on student loan debt and unlock higher earning 
potential. Millions of other Americans choose not to take on debt and 
make sacrifices to avoid it. The Biden administration wants to take 
that basic choice away and impose student loan socialism instead. They 
want working Americans to take on $430 billion in debt they didn't sign 
up for, just to pad the pockets of Washington Democrats' base. What a 
raw deal.
  Senate Republicans know that complex issues require thoughtful 
solutions, not partisan hatchet jobs. That is why several of our 
colleagues are working hard on legislation that actually gets to the 
root of soaring tuition costs. Senators Cassidy, Grassley, Cornyn, 
Daines, Tuberville, and Tim Scott have put forward ideas to increase 
transparency before students sign up for massive debt, to streamline 
repayment plans, and to go after the advanced-degree loans that are 
particularly responsible for driving up prices. I am grateful to our 
colleagues for their work on real solutions.
  On the other hand, the Biden administration's student loan socialism 
plan is painfully, painfully unfair, and very soon we will find out if 
it isn't just downright illegal.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The senior assistant legislative clerk proceeded to call the roll.
  Mr. DURBIN. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The PRESIDING OFFICER. Without objection, it is so ordered.