Washington, D.C. – Oregon’s U.S. Senator Jeff Merkley released the following statement after Senate Republicans blocked consideration of his Savings Opportunity and Affordable Repayment (SOAR) Act:
“As the first in my family to go to college, I know the barriers that so many students face in accessing higher education. We should be doing all we can to make education more accessible, and income-driven repayment programs are an essential tool to address America’s student debt crisis. Republicans, however, want to raze affordable repayment options for students, kick millions off of their health insurance, and make it harder for families to put food on the table—all to fund tax giveaways for billionaires.
“This is a stunning betrayal for people across this country, and rather than consider my bill to protect and expand federal student loan repayment programs, Republicans blocked it. As Ranking Member of the Senate Budget Committee, I will fight like hell against any Republican attempts to prevent students from having a much-needed path to student debt relief, now and in the future.”
Merkley took to the Senate Floor in an attempt to pass his SOAR Act, legislation he leads with Virginia’s U.S. Senator Tim Kaine, that would protect and expand federal student loan repayment programs. The SOAR Act creates a new income-driven repayment (IDR) plan—which links payments to a borrower’s income and family size—to better protect borrowers from unaffordable payments, runaway balances due to rapidly accruing interest, and offer a clearer path to debt relief after at least a decade of payments. The SOAR Act codifies, expands, and strengthens the Saving on a Valuable Education (SAVE) Plan that President Biden created to help student loan borrowers nationwide in 2023.
Congressional Republicans have proposed eliminating all existing IDR plans for future and current borrowers, including the SAVE Plan, and replacing them with a more expensive Repayment Assistance Plan as part of their reconciliation budget bill. Permanently dismantling the SAVE Plan and other IDR plans would have disastrous implications, including for the 8 million Americans already enrolled in SAVE and the millions more who need more affordable repayment options.
The Senate Parliamentarian has advised that these provisions eliminating SAVE and IDR options for current borrowers will be subject to the Byrd Rule if they remain in the bill.
You can watch Merkley’s remarks on the Senate floor about the SOAR Act por haciendo clic aquí.
You can read more about the SOAR Act por haciendo clic aquí.
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