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Congressional Daily Record
This section covers nominations, confirmations, or other executive branch business. It mentions legislation such as Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Education relating to "Reimagining and Improving Student Education-Federal Student Loan Program Final Regulations"., members such as Bernard Sanders.
Official title: S.J. Res. 196 (Executive Calendar)
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June 24, 2026
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Download official Senate Record PDFReturn to issue contextMr. SANDERS. Mr. President, in the United States today, 42 million Americans are drowning in $1.7 trillion in student debt—42 million Americans, $1.7 trillion in student debt. Further, a recordbreaking 9 million Americans are now in default on their student loans.
mind the worst piece of legislation passed in modern history—made the largest cut to education in the history of the United States in order to pay for the largest tax breaks for billionaires in American history. Not only did we throw 15 million people off the healthcare they had; we devastated Federal funding for education.
July 1, just 6 days from now, 7 million Americans will be thrown off of their low-cost student loan repayment plan, known as the SAVE plan and into a much more expensive plan.
What does that mean in real terms? It means that the average college graduate will be forced to pay $4,000 more each year on their student loan payments, about $244 a month.
Americans—are struggling to pay for the outrageous cost of housing, groceries, prescription drugs, healthcare, and other basic necessities, the last thing in the
every four student loan borrowers will be in default by the end of this summer.
So what does it mean to be in default? It means that workers could have their wages garnished to pay back their student loans. They can't pay their student loans because they are not earning enough money, and then they get their wages garnished and it will be an even worse situation.
I know many people don't appreciate it. They are thinking about student loans, and they are thinking about young people. Well, guess what. There are grandparents who are still paying off their student loans. And it means that these people or their family members could have their Social Security checks garnished.
years, and you can't continue to do it; and they are going to take your Social Security payment. In my view, that is unconscionable. We cannot allow that to happen.
And that is why I am very proud to cosponsor