The Senate failed its attempt to strip lower monthly student-loan payments from millions of borrowers

• The Senate failed to pass a bill that would overturn the new SAVE income-driven repayment plan.
• Democratic Sen. Joe Manchin joined the GOP to attempt to pass the legislation.
• Biden said he would veto the bill if it made it to his desk.

The Senate failed to pass a bill that would strip relief from student-loan borrowers.

On November 15, GOP Sen. Bill Cassidy's bill to overturn President Joe Biden's new SAVE income-driven repayment plan, intended to lower monthly payments for millions of student-loan borrowers, failed by a vote of 49-50.

Democratic Sen. Joe Manchin joined Republicans in voting to pass the bill, while Republican Sen. Tim Scott did not vote.

"This shouldn't be a partisan issue, and I'm extremely disappointed that my colleagues on the other side of the aisle chose to force hardworking Americans to foot the bill for other people's student loans," GOP Sen. John Thune said in a statement after the bill failed to pass.

However, even if the legislation did pass, it likely would not have progressed much further. The Office of Management and Budget affirmed in a November 14 statement that if the legislation made it to Biden's desk, he will veto it.

"The SAVE plan is already helping close to 5.5 million Americans in every Congressional district as they return to student loan repayment by providing them with a plan that allows them to make affordable payments while also supporting their economic stability," the Office of Management and Budget said. "This legislation would mean higher payments for student loan borrowers and would dramatically raise costs for graduates. It is exactly the wrong direction."

The Education Department recently announced that of the 5.5 million borrowers currently enrolled in SAVE, 2.9 million of them are making $0 payments. Still, GOP lawmakers like Cassidy are fighting to strike down the program because they believe it's unfair to those who did not take out loans for themselves.

"Where is the forgiveness for the guy who didn't go to college but is working to pay off the loan on the truck he takes to work? What about the woman who paid off her student loans, but is now struggling to afford her mortgage? Is the administration providing them relief? Of course not," Cassidy said in remarks on the Senate floor prior to the vote.

"Instead, the administration would have them pay not only their bills, but the bills of those who decided to go to college in order to make more money in the future," he said. "This is irresponsible and deeply unfair."

Sen. Bernie Sanders took the Senate floor prior to votes to oppose the legislation, saying that "a vote for this resolution would place millions of Americans at risk of eventual delinquency and default on their student loans."

"But now, my Republican colleagues want you to believe that we cannot afford to lower monthly student loan payments for working class Americans who are struggling to put a roof over her head, pay for child care, and put food on the table? Give me a break," Sanders said.