Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Education relating to "Improving Income Driven Repayment for the William D. Ford Federal Direct Loan Program and the Federal Family Education Loan (FFEL) Program".
Sponsored by Lisa C. McClain
Received in the Senate. Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 270.
Dec 11, 2023
This joint resolution nullifies a Department of Education rule finalized on July 10, 2023, that established a new income-driven repayment plan for federal student loans called the Saving on a Valuable Education (SAVE) plan. The rule applied to both William D. Ford Federal Direct Loans and Federal Family Education Loan (FFEL) Program loans. By nullifying the rule, the resolution removes the SAVE plan from federal student loan repayment options.
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This joint resolution nullifies the final rule submitted by the Department of Education titled Improving Income Driven Repayment for the William D. Ford Federal Direct Loan Program and the Federal Family Education Loan (FFEL) Program and published on July 10, 2023. The rule creates a new income-driven repayment plan called the Saving on a Valuable Education (SAVE) plan.