McCollum No Vote on H.J. Res. 45

Mr. Speaker, I rise in opposition to H.J. Res 45, a Congressional Review Act resolution that would overturn the pause on federal student loan payments and block President Biden’s student debt relief plan.

This CRA resolution would abruptly force tens of millions of borrowers into unplanned repayment and lead to thousands of dollars in payments and interest being added back onto their loans. In the aftermath of the COVID-19 pandemic coupled with global inflation, overturning the payment pause would prove disastrous for borrowers at a time when they can least afford it.

According to the Student Borrower Protection Center, more than 43 million borrowers continue to suffer under the crushing weight of $1.6 trillion of federal student debt. In Minnesota alone, the pause on student loan repayments saved 641,004 borrowers $495 million. Thanks to the pause, borrowers around the country have been able to do things that had previously been beyond reach– such as saving for retirement, affording necessary medication, or simply having some breathing room to make ends meet.

Additionally, overturning the payment pause would impact the over 156,000 public services workers nationwide who received student debt cancellation through the Public Service Loan Forgiveness program. These nurses, educators, first responders, and other public servants could see their loans reinstated if these CRA efforts are realized.

Not only would this CRA resolution have disastrous impact on borrowers in the here and now, it would also preclude the government from installing a repayment pause for borrowers in the future. We cannot know what lies ahead, and we must be able to react and provide borrowers with options should our country endure another pandemic, economic downturn, or other catastrophic event.