Overview

• Senate Republicans, joined by Democratic Sen. Joe Manchin, failed to pass a bill that would overturn President Biden's new SAVE income-driven repayment plan for student loans.
• The bill, proposed by GOP Sen. Bill Cassidy, was defeated by a vote of 49-50.
• The SAVE plan, already benefiting close to 5.5 million Americans, allows student loan borrowers to make affordable payments based on their income.
• Despite the defeat, GOP lawmakers continue to argue that the plan is unfair to those who did not take out loans or have already paid off their student loans.
• The Department of Education has reportedly cancelled $127 billion in student loans for some 3.6 million borrowers.