MI HR0323

Urges Congress to repeal the William D. Ford Federal Direct Loan Program, which provides Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, and Direct Consolidation Loans to eligible borrowers.

Cites approximately 45 million borrowers holding over $1.6 trillion in federal student loan debt, with an average of nearly $30,000 owed per borrower, making it the second highest consumer debt category behind mortgage debt.

States that student loan debt burdens the economy by preventing Americans from becoming homeowners, saving for retirement, and contributing economically.

Notes that over five million borrowers face serious financial risk when loan repayment pause (set to end August 31, 2022) ends, with risks of delinquency and default.

Proposes that discontinuing federal student loan issuance would prevent future economic crises.