Senate Republicans Unanimously Support Repeal of Student Loan Reform Law

[ProSense]

Senate Republicans Unanimously Support Repeal of Student Loan Reform Law

By Josh Israel

All 45 Senate Republicans voted Friday for a budget amendment that endorsed the repeal of both Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010. While Congressional Republicans attempting to repeal Obamacare is nothing new — this marks the 39th repeal attempt — this proposal also aimed to repeal the student loan reform and Pell Grant expansions that were enacted at the same time.

All 54 Senate Democrats present successfully voted to defeat the amendment, offered by Sen. Ted Cruz (R-TX). If passed, it would have put the Senate on record in support of a repeal of
provisions that moved student loans from commercial banks to direct lending from the U.S. Education Department and:

• Used half of the the estimated $61 billion in savings to increase the maximum annual Pell Grant scholarship to $5,550 in 2010 and to $5,975 by 2017, while indexing the grants to inflation.
  
  
• Lowered monthly payments on federal student loans and shortened the debt forgiveness timeline. For new loans after 2014, this will mean graduates will have to pay 10 percent of disposable income, instead of 15.
  
  
• Provided $2.55 billion to support historically black colleges and universities and minority-serving institutions; $2 billion for community colleges; and $750 million for a college access and completion program for students.

Such a repeal would have meant a return to larger payments, smaller Pell Grants, and reduced support colleges and universities while putting billions of dollars back in the coffers of Wall Street banks. But in his floor speech explaining the amendment, Cruz told his colleagues only that his proposal was about defunding and repealing Obamacare, making no mention of the billions of dollars he would take from higher education to give back to for-profit banks.

Though every Congressional Republican voted against the health care and student loan reforms, House Republicans specifically exempted the student loan reform provisions from previous repeal attempts, though they have repeatedly slammed the reform as a “Washington takeover” of the student loan industry.

- more -

http://thinkprogress.org/education/2013/03/22/1762921/senate-republicans-unanimously-support-repeal-of-student-loan-reform-law/

[The Velveteen Ocelot]

1. Are they going out of their way to make everyone hate them

Last edited Sun Mar 24, 2013, 12:30 AM - Edit history (1)

who isn't an old, rich, "Christian" white male?

Sure seems like it.

[ProSense]

5. Senate Republicans seem determined

to prove they're bigger lunatics than their House counterparts.

[Scuba]

2. Senate Republicans support bankers, not students and their families.

The reforms are aimed at a huge give-away to the banksters, who made fat profits while shifting all the risk to the federal government. Of course the Republicans want it repealed!

[ProSense]

6. Senate Republicans are despicable creatures. n/t

[timdog44]

9. Republicans, period, are despicable creatures. n/t

[David Zephyr]

3. K&R. Here they go again. They never stop. Thanks ProSense.

They are depraved.

[bluestate10]

4. Remember, Ralph Nader says there is no difference between democrats and republicans. nt

[ProSense]

7. Kick! n/t

[Berlum]

8. Republicans against America

As usual.

And they wonder why no one respects them...