Members of Congress wouldn’t be able to pass legislation that would cancel their own student debt under a new bill, called the "Can’t Cancel Your Own Debt Act of 2022," introduced by Rep. Tom Cole (R-Okla.).
The bill, introduced in early February, would disqualify members of Congress from participating in federal student loan programs enacted during their tenure. Cole, in a press release on the proposed legislation, called such actions "corrupt," added that highly paid politicians benefiting from student loan cancelation they voted on is "simply unconscionable."
"When members of Congress are pushing policies that selectively cancel certain types of debts and use thresholds that are tailored to their own situations, we must ask ourselves: who are they really fighting for?" he stated.
Private student loans do not qualify for any federal student loan forgiveness, so you can lower your monthly payments by refinancing while interest rates are low. Visit Credible to find your personalized interest rate without affecting your credit score.
Which lawmakers would benefit from student loan forgiveness?
The press release on Cole’s proposed bill claimed that after 80 House and Senate Democrats urged President Joe Biden in a letter to cancel up to $50,000 of federal student loan debt per borrower, more than an eighth of those lawmakers would have their own student debt wiped out under that threshold "according to recent financial disclosures."
The Student Debt Cancellation Act of 2019, sponsored by Democratic Rep. Ilhan Omar (Minn.), was also cited in the press release, which sought to "forgive outstanding Federal and private student loans."
"Members should not be voting for or advocating for legislation or executive orders that put their pocketbooks over policy," Cole said. "Indeed, it is corrupt, and I am introducing this legislation because a number of my congressional colleagues seem to have forgotten that."
Debt-holders with private student loans will not benefit from any future student-debt cancelation decisions, but they can take steps to help lower their monthly payments. Visit Credible to compare multiple student lenders at once and choose the one with the best interest rate for you.
Americans growing doubtful on Biden student loan forgiveness
President Biden promised that he'd cancel $10,000 in student loan debt per borrower during his campaign for the Oval Office, but it now seems that Americans are growing doubtful they'll see that anytime soon.
In fact, many U.S. adults (about 59%) believe Biden will make little or no headway in canceling student debt in 2022, according to a recent poll conducted by The Economist and YouGov.
The sentiment comes as top Democrats continue to push for student debt cancelation. The payment pause on federal student loans is set to end in May, and many Democratic lawmakers have warned that the resumption of student loan payments without any cancelation could be "disastrous."
Monthly payments on private loans repayment plans can be lowered through a student loan refinance. Contact Credible to speak to a student loan expert and get your questions answered.
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