A group of Republican lawmakers have called on the Biden administration to withdraw its latest plan for mass student loan cancellation.President Joe Biden in April announced a new plan, in the works for months, to reduce or cancel loans for about 30 million Americans in five categories through the Higher Education Act.The Department of Education has been going through a federal rulemaking process to clarify how Education Secretary Miguel Cardona can invoke that authority.
'The latest Notice of Proposed Rule Making proposed by your Department of Education on April 17, 2024, represents the latest in a string of reckless attempts to transfer as much as $1 trillion of student loan debt from those who willingly borrowed to those who did not or have already repaid their loans,' they wrote in the letter. 'We strongly urge you to withdraw it.