A joint resolution 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 SJRes 43 is a joint resolution 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 resolution 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 resolution seeks to disapprove of this rule, indicating that there may be concerns or disagreements among lawmakers regarding the proposed changes. It is important to note that the resolution is non-partisan and focuses on the factual details of the rule and its potential impact on borrowers of federal student loans. Overall, Bill 118 SJRes 43 highlights the ongoing discussions and debates surrounding federal student loan repayment options and the role of Congress in overseeing and potentially overturning regulations put forth by federal agencies like the Department of Education.