(The Center Square) – To the official termination of a plan potentially costing taxpayers $559 billion, a North Carolina congresswoman formerly leading a key congressional committee says, “Good riddance!”
Saving on a Valuable Education, also known as the SAVE Plan, was the 2023 brainchild of the Biden administration. The 8th U.S. Circuit Court of Appeals on Monday reversed a ruling in the U.S. District Court for the Eastern District of Missouri.
The plan was to subsidize 100% of all unpaid monthly interested.
U.S. Rep. Virginia Foxx, former chairwoman of the Committee on Education and the Workforce and now chairing the Rules Committee, on Friday said bureaucrats in Washington “have no respect for the hard-earned tax dollars of Americans.”
“Back in 2023, Democrats had tried so desperately to pass their socialist free college fantasy through Congress, and it failed,” Foxx said. “So, what did they decide was a better option to pursue? They chose to shove it down the throats of the American people through executive fiat – that was their plan on how to reshape postsecondary education, and it was downright shameful.
“If the SAVE plan were allowed to survive, mountains upon mountains of debt would be left at the feet of taxpayers while millions of borrowers would get off scot-free and be absolved of their loans. Thankfully, with this week’s decision, that frightful reality will no longer be the case. Good riddance.”
The One Big Beautiful Bill Act, signed July 4 by second-term Republican President Donald Trump, includes the Repayment Assistance Plan. Availability begins in just over three months on July 1, using a sliding scale of 1% to 10% of adjusted gross income. Payments are over 30 years.
