The U.S. Senate passed a Republican-led bill on Thursday that would put an end to President Joe Biden’s plan to cancel massive amounts of student debt — and immediately lift the freeze on student loan payments and interest.
The Senate passed the measure on Thursday with a 52-46 vote — mostly along party lines, but Senators John Tester (D-MT), Joe Manchin (D-WV), and Kyrsten Sinema (I-AZ) joined Republicans and tipped the scales in their favor. Two other Democratic Senators — Michael Bennet of Colorado and Mark Warner of Virginia — did not cast a vote.
“@POTUS‘ student loan socialism would shift hundreds of billions of dollars in debt from high earners who chose to incur it onto American taxpayers who did not,” Senate Minority Leader Mitch McConnell (R-KY) said. “But thanks to the leadership of @SenBillCassidy, @JohnCornyn, and @SenJoniErnst, the Senate has a chance to stop this.”
.@POTUS' student loan socialism would shift hundreds of billions of dollars in debt from high earners who chose to incur it onto American taxpayers who did not. But thanks to the leadership of @SenBillCassidy, @JohnCornyn, and @SenJoniErnst, the Senate has a chance to stop this.
— Leader McConnell (@LeaderMcConnell) June 1, 2023
The House passed the bill last week, but as POLITICO reported on Thursday, neither the House nor the Senate passed the legislation by a wide enough margin to override the veto that will certainly come from the White House.
“Unfortunately, the president is guaranteed to veto the measure, and there are not enough Democrats in the House and Senate to be willing to override his veto,” Senate Minority Whip John Thune (R-SD) said.
Biden’s student loan cancellation program offers debt relief of up to $10,000 for borrowers who made less than $125,000 in 2020 and 2021 — or for married couples who made a combined total of less than $250,000 in that time. Borrowers who received Pell Grants are eligible for up to $20,000 in loan forgiveness.
The plan is currently awaiting a ruling from the Supreme Court — which will likely come in late June or early July — to determine whether or not it can be allowed to take effect at all.
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Regardless of the high court’s decision, the debt ceiling deal that was just recently reached also includes a provision that would end the freeze on payments and interest — a move that the White House agreed to in part because they said it was always the plan to have borrowers resume their regular payments.