Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Education relating to "Improving Income Driven Repayment for the William D. Ford Federal Direct Loan Program and the Federal Family Education Loan (FFEL) Program".

This joint resolution nullifies the final rule submitted by the Department of Education titled Improving Income Driven Repayment for the William D. Ford Federal Direct Loan Program and the Federal Family Education Loan (FFEL) Program and published on July 10, 2023. The rule creates a new income-driven repayment plan called the Saving on a Valuable Education (SAVE) plan.

Bill 118 hjres 88 is a piece of legislation that aims to disapprove of a rule submitted by the Department of Education regarding the improvement of income-driven repayment plans for federal student loans. The rule in question specifically focuses on the William D. Ford Federal Direct Loan Program and the Federal Family Education Loan (FFEL) Program.

The bill falls under Chapter 8 of Title 5 of the United States Code, which allows Congress to review and potentially overturn regulations put forth by federal agencies. In this case, the Department of Education's rule aims to enhance income-driven repayment options for borrowers of federal student loans, potentially making it easier for individuals to manage their loan payments based on their income levels.

However, the bill seeks to disapprove of this rule, indicating that Congress may not agree with the proposed changes or may believe that the rule oversteps the Department of Education's authority. By passing this legislation, Congress would effectively block the implementation of the rule and maintain the current income-driven repayment options available to borrowers under the William D. Ford Federal Direct Loan Program and the FFEL Program. Overall, Bill 118 hjres 88 represents a congressional effort to exercise oversight over federal regulations related to student loan repayment, specifically targeting the Department of Education's proposed changes to income-driven repayment plans. The outcome of this bill could have significant implications for individuals managing federal student loan debt and the options available to them for repayment.