Senator Schmitt Statement on Supreme Court Overturning Biden’s Student Loan Bailout

WASHINGTON – Today, Senator Eric Schmitt released a statement following the Supreme Court’s decision to overturn Biden’s student loan bailout plan:

“Joe Biden’s student loan bailout was nothing more than a thinly veiled political ploy on a shaky foundation to score cheap points. The bailout was inherently unfair to those who responsibly paid off their debt or those who chose not to take on debt, and the truck driver or the waitress shouldn’t have to subsidize the theater degree of the tenured professor. The Court found that the Biden Administration had absolutely no authority to wipe away billions in debt. When I was Missouri’s Attorney General, I filed this critical lawsuit – I’m pleased to see the Supreme Court side with the plaintiff states and strike down Biden’s student loan debt bailout,” said Senator Eric Schmitt.  

Background:

• Senator Schmitt was the first in the country to file a lawsuit challenging Biden’s unconstitutional student loan bailout when he was Missouri’s Attorney General.
• The Supreme Court struck down Biden’s student loan bailout on Friday in a 6-3 decision.
• The Court held that the harm to the Higher Education Loan Authority of the State of Missouri in the performance of its public function is a direct injury to Missouri itself. 
• The Court also held that the HEROES Act does not allow the Secretary to rewrite that statute to the extent of canceling $430 billion of student loan principal.