Disapprove Student Loan Forgiveness Rule -- Passage HJRES 45

Passage of the joint resolution that would provide for congressional disapproval of an October 2022 Education Department rule that allows for loan forgiveness of up to $10,000 in loan debt for federal student loan borrowers and another $10,000 for such borrowers who also received a Pell Grant. The rule limits eligibility for such loan forgiveness to borrowers with a maximum adjusted gross income of $125,000, or $250,000 for joint filers. The rule also extended, through the end of 2022, the suspension of student loan payments, the cessation of interest accrual and the suspension of involuntary loan collections. It allowed suspended loan payments during that period to count towards loan forgiveness or loan rehabilitation programs. The rule took effect on Oct. 12, 2022, but its loan forgiveness provisions have not been implemented pending legal challenges. Under the provisions of the joint resolution, the Education Department rule would have no force or effect, canceling the loan forgiveness program and reinstating loan payments and interest accrual that were suspended under the rule.