House Republicans introduce their own student loan debt plan

House Republicans introduced a plan to address student debt Thursday afternoon as the Supreme Court is set to rule in the coming weeks on whether President Joe Biden’s student loan forgiveness program can remain in effect. 

The Federal Assistance to Initiate Repayment (FAIR) Act, led by Republicans from the House Education and Workforce Committee,  would provide “targeted” student loan relief for borrowers who “already paid back more than they originally owed taxpayers in principal and interest," streamline several existing income-driven repayment plans into one system and give defaulted borrowers another chance to rehabilitate their loans.

“This Republican solution takes important steps to fix the broken student loan system, provide borrowers with clear guidance on repayment, and protect taxpayers from the economic fallout caused by the administration’s radical free college agenda,” Reps. Burgess Owens, R-Utah, Lisa McClain, R-Mich., and Virginia Foxx, R-N.C., who chairs the committee, said in a statement.

The trio, who are the lead sponsors of the legislation, were also critical of Biden's approach. “With extension after extension, the Biden administration turned a short-term payment pause on student loans during the height of the pandemic into a three-year-long pause that cost American taxpayers billions to prop up,” they added.

Federal student loan payments are set to resume at the end of August under an agreement in the debt ceiling law Biden signed earlier this month. Payments have been paused since March 2020 when former President Donald Trump signed the CARES Act into law; he and Biden both extended the pause.

Owens, McClain and Foxx said the extensions “left schools, servicers, and students uncertain about the future,” adding that borrowers need guidance. The new legislation would require the Department of Education to notify student loan borrowers at least 12 times before repayments resume.

Read the full story on NBCNews.com here.