Johnson Cosponsors Can’t Cancel Your Own Debt Act
Washington, D.C. – Today, U.S. Representative Dusty Johnson (R-S.D.) signed on as an original cosponsor of U.S. Rep. Tom Cole’s (R-OK-4) Can’t Cancel Your Own Debt Act. This legislation would disqualify members of Congress from participating in federal programs enacted during their tenure to cancel student loans – whether established by executive order, agency action or an Act of Congress. It would also bar members of Congress from any service- or employment-based student loan cancellation for time served as a Member of Congress.
“Some Members calling for student loans to be cancelled have a combined loan debt of $1.8 million,” said Johnson. “That’s a conflict of interest. I signed onto the Can’t Cancel Your Own Debt Act to prevent Congress from implementing bills that let members off the hook for personal debts.”
On January 25, 2022, a group of 80 House and Senate Democrats sent a letter to President Joe Biden requesting that he immediately cancel up to $50,000 in federal student loan debt. Last Congress, progressive House members introduced legislation to cancel all student loans in their entirety. According to recent financial disclosures, 17 of these signers collectively reported personal student loan debt of up to $1,865,000, and 11 of these 17 would have their student loan debt fully cancelled using this $50,000 threshold – a clear financial windfall.
###
Is there a list of the Congress people who have debt and how much
This is a terrible move politically without justifying the issue.
American universities are populated with foreign agents of all kinds and stopped working in the interests of The American people while gaming and spying on students in their care (I’m an insider at a major university as an undergrad, grad, student employee, graduate assistant, and staff in three different departments, and I can confirm that the administration in the university in question has serious ‘splainin’ to do).
Bro, have you even read Betsy Devos’ report?
Why would ANY American want to pay for THAT?
It is a cheap shot to take at politicians – even dumb or corrupt ones – who stumble into solving an acute problem accidentally (or through trickeration).
The colleges did not act in good faith. They should pay back the student loans.
Often times, people go to Congress to solve a problem that they (and millions of others) have.
It’s how they identify with their constituencies.
DeVos
(my humble gratitude and sincere apologies to Ms. DeVos)
How about just drop interest, no need to have over 7% on student loans? They are more than some people’s home loans, it’s a generational tax of 10% with income based repaument, at some point there will be more with the loans than without. Then, talking points like this which don’t provide a solution will be moot.
You’re right. I cosign for our kids in college for private loans and its hard to see them paying 7%, albeit unsecured…..It is also debt that will stay with them until its paid off- Barring death or complete disability. As a former debt collector for student loans, even bankruptcy doesn’t eliminate student debt. Its more secured than people realize!
Our kids get $5500/yr in unsubsidized federal loans, and the rest is all cosigned private student loans. Its expensive, but also an excellent investment. Our advice to them is to pay the interest while in school. This has helped them manage an ok debt load with just principle post college.