Ricketts Statement on Student Loan Cancellation Vote

June 1, 2023

WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE) released the following statement after voting for a Congressional Review Act resolution overturning the student loan cancellation scheme issued by President Biden’s Department of Education last year. The plan would transfer the student loan debt of those who have not paid it back onto all American taxpayers, including those who paid off or chose not to take out student loans. The cost to taxpayers is an estimated $400 billion.

“President Biden’s student loan bailout puts electricians and plumbers on the hook for the bills of doctors and lawyers,” said Senator Ricketts. “This plan unfairly and illegally shifts the burden of unpaid debts to those who chose not to attend college or who worked hard to pay off their own loans. While I am hopeful the Supreme Court will ultimately vindicate Nebraska’s concerns and block this policy, Congress must take action as well.”

Ricketts is a co-sponsor of the Congressional Review Act resolution, which passed 52-46. When he was governor, Ricketts joined 21 governors in sending a letter to President Biden opposing the student loan scheme.

The Government Accountability Office (GAO) recently confirmed that the student loan policy is classified as a rule and is eligible to be overturned through the Congressional Review Act process. In addition, the Supreme Court heard oral arguments in Biden v. Nebraska, a case examining whether the student loan program is unconstitutional. An opinion from the Court is expected later this summer.

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