[Congressional Record Volume 170, Number 80 (Wednesday, May 8, 2024)]
[House]
[Page H2949]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    STUDENT LOAN FORGIVENESS SCHEMES

  (Mr. FLOOD asked and was given permission to address the House for 1 
minute.)
  Mr. FLOOD. Mr. Speaker, I rise today to address President Biden's 
student loan bailout schemes.
  Just weeks ago, the President unveiled a new executive action even 
after the Supreme Court shut down his previous attempts to let people 
off the hook for their loans. He is not just trying to unilaterally 
cancel student debt; his agencies have been working to make the student 
loan repayment process dysfunctional.
  On one hand, the Federal Student Aid Agency is paying contractors who 
service student loans less money, and that agency has acknowledged that 
the level of service for student loan holders will suffer as a result.
  On the other hand, the CFPB is using its enforcement authority to 
pursue these same contractors for the reduced levels of service that 
are the result of these same FSA cuts. It seems like a plan designed to 
break the entire student loan system.
  Americans can't let the Biden administration's plan succeed. We need 
a return to principled fiscal policy that encourages personal 
responsibility, a responsibility that supports the health of the 
American free enterprise system.

                          ____________________