A joint resolution 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".
Summary
This joint resolution was a legislative attempt to overturn the Department of Education’s "SAVE" plan, a specific income-driven repayment program for federal student loans. Had it passed, the resolution would have nullified the rule that lowered monthly payments for many borrowers, increased the threshold for protected income, and shortened the timeline for loan forgiveness. For the average borrower, the passage of this bill would have resulted in higher monthly student loan payments and the elimination of the interest subsidies that prevent balances from growing while in repayment. However, the resolution failed to pass the Senate in November 2023, meaning the Department of Education's repayment rules remained in effect at that time.