Job Creators Network Foundation Legal Action Fund Files Lawsuit to Block Biden Administration’s Illegal Student Loan Bailout
Washington, DC (October 10, 2022) – Today, the Job Creators Network Foundation (JCNF) Legal Action Fund (LAF) filed a lawsuit to block the Biden administration’s illegal student loan bailout. The lawsuit argues that the bailout violates the Administrative Procedure Act’s notice-and-comment procedures. It features two plaintiffs who have been harmed by this arbitrary executive overreach. It calls on the court to stop this counterproductive, inflationary, and unfair action from taking effect.
Read the complaint HERE. The lawsuit is filed in the District Court for the Northern District of Texas, Fort Worth Division.
View the Motion for a Preliminary Injunction here.
Elaine Parker, President of Job Creators Network Foundation, released the following statement:
“Our lawsuit intends to block the Biden administration’s student loan bailout, which is an unprecedented executive power grab. The administration’s action does nothing to address the root cause of unaffordable tuition: greedy and bloated colleges that raise tuition far more than inflation year after year while sitting on $700 billion in endowments. Colleges need to be held accountable for their outrageous tuition prices that fund high executive pay, an army of administrators who provide little-to-no value, and the construction of resort-style amenities. College endowments, not taxpayers, should be responsible for helping students drowning in debt.
“By shifting the burden to taxpayers, including those who didn’t go to college or paid their student loans back, colleges escape responsibility for their actions creating the student loan crisis. They are given carte blanche to continue their ridiculous pricing. Bailing out this debt only kicks this problem down the road. By blocking this inflationary taxpayer bailout, JCN’s lawsuit can lay the groundwork to actually solve the student debt crisis by holding its college perpetrators accountable.”