![New Bill Preventing Biden's New SAVE Plan From Being Implemented [Photo: The Motley Fool]](https://omdnews.com/wp-content/uploads/2023/09/The-Motley-Fool.jpeg)
A group of Republican lawmakers have introduced a bill to prevent Biden’s new SAVE plan from being implemented. The lawmakers said the SAVE plan will cost taxpayers hundreds of billions of dollars.
![Republican Lawmakers' New Bill Vs. Biden's SAVE Plan [Photo: The Motley Fool]](https://omdnewsnew.s3-accelerate.amazonaws.com/2023/09/The-Motley-Fool-1.jpeg)
Republican Lawmakers’ New Bill Vs. Biden’s SAVE Plan [Photo: The Motley Fool]
New Bill vs. Biden’s SAVE Plan
SOURCE– A group of Republican lawmakers have introduced a bill to prevent Biden’s new SAVE plan from being implemented. They have introduced a companion bill that would block the SAVE plan from being used to lower borrowers’ monthly payments. Also, it creates an easier path to loan forgiveness for some borrowers. The lawmakers said the SAVE plan will cost taxpayers hundreds of billions of dollars.
According to Republican lawmakers, the SAVE plan creates a burden on taxpayers about 87% of Americans don’t have student loans. The SAVE plan is costly to taxpayers. The SAVE plan has already been launched on the Department of Education’s website, but it doesn’t mean it’s without challenges. The SAVE plan is replacing the old Revised Pay as You Earn or REPAYE plan by former President Obama.
The bill was introduced by a group of Republican lawmakers using the Congressional Review Act, attempting to fast-track their bill. The bill will block the SAVE plan from being implemented because it gives burden to taxpayers.
READ ALSO: Berlanti And Murphy Donate $500,000 Apiece To Former Workers Affected By Double Strike
