[Congressional Record Volume 169, Number 143 (Wednesday, September 6, 2023)]
[Senate]
[Page S4212]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                          Student Debt Relief

  Finally, on student debt relief, last month, President Biden 
announced his new SAVE plan for student loan borrowers, calling it the 
most affordable student loan repayment plan ever created, and not 1 day 
into this work period, Senate Republicans are already trying to torpedo 
this new lifeline for millions of American borrowers.
  In the wake of the Supreme Court's horrendous decision earlier this 
year, President Biden has unrolled a student debt plan that already is 
helping millions. It is targeted relief for those who need it most--
working-class families, middle-class families, borrowers of color. 
Remarkably, 4 million--4 million--borrowers have already enrolled. 
Those with undergraduate loans will pay no more than 5 percent of their 
income. Many borrowers with lower incomes will see their monthly 
student loan payments cut in half. Some will see it drop to zero, and 
many more will save up to $1,000 a year on payments.
  Think about what these savings will empower people to do--save for a 
downpayment on a home, start a family, create a business, contribute to 
the economy. Isn't that something we should all get behind? Well, 
apparently and unfortunately, Senate Republicans think not. On the very 
same day the administration announced that 4 million borrowers have 
enrolled in the SAVE plan, Senate Republicans announced their plan to 
eliminate this lifeline. It is becoming a trend--Democrats work hard to 
find new ways to provide relief for borrowers in need, and then 
Republicans, instead of working with us to find a fix to our broken 
student loan system, immediately shoot them down.
  My colleagues on the other side like to talk about lowering costs, 
but then they turn around and oppose any attempt to give student loan 
borrowers the help they need, and for them, that is one of the biggest 
costs they have.
  The Republicans use the same old tired excuse--that student loan 
relief only helps the few, the wealthy. That is utter nonsense. 
President Biden's SAVE plan will benefit the Americans who need it 
most--working and middle-class families, students of color, community 
college students, and borrowers working in public service.
  Senate Democrats will strongly oppose this Republican measure should 
it come to the floor for a vote, and we will stand with student loan 
borrowers as we continue to push for as much relief as possible.
  I yield the floor.