Disapprove Student Loan Repayment Rule -- Passage SJRES 43

Passage of the joint resolution that would provide for congressional disapproval of a July 2023 Education Department rule that would modify the Direct Loan Program by categorizing existing student loan repayment plans into three types: fixed repayment plans; income-driven repayment plans, which vary based on income and family size; and alternative repayment plans, which would apply in exceptional circumstances or when the borrower fails to certify income information. The rule would also increase the amount of income exempted from calculation of the borrower’s payment amount from 150 percent to 225 percent of the federal poverty level. It would lower the share of discretionary income used to calculate the borrower’s monthly payment to 5 percent for undergraduate study loans and 10 percent for other loans. For borrowers with both types of loans, it would provide for calculation of a monthly payment rate between 5 and 10 percent based on a weighted average of the loan balance. The rule would go into effect on July 1, 2024. Under the provisions of the joint resolution, the rule would have no force or effect.