MI HR0288

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 under Title IV of the Higher Education Act of 1965

Cites approximately 43 million borrowers holding over $1.7 trillion in federal student loan debt, with an average of $37,000 owed per borrower, making student loan debt the second highest consumer debt category after mortgages

Argues the federal student loan program has contributed to rising tuition costs and economic hardship, preventing many Americans from purchasing homes, saving for retirement, and participating fully in the economy

Notes that over five million borrowers faced serious financial risk when mandatory student loan repayment resumed in October 2023 following the COVID-19 pandemic payment pause

Requests copies of the resolution be sent to the Speaker of the U.S. House of Representatives, President of the U.S. Senate, and Michigan's congressional delegation