The Supreme Court made headlines earlier this month when it ruled that President Joe Biden's plan to forgive student loans was unconstitutional.

That hasn't stopped Biden from putting forward another loan forgiveness plan, however, and it's based on a law signed by former President George W. Bush. 

New student debt plan cites the College Cost Reduction and Access Act of 2007

According to Newsweek, Biden's new plan will involve offloading roughly $39 billion worth of debt from 804,000 borrowers who are enrolled in the Income-Driven Repayment (IDR) program.

The degree of debt relief borrowers received will vary, with those on income-based repayment plans being eligible to have their obligations wiped out after 20 or 25 years of payments.

The president unveiled his new initiative this past Friday via a White House press release in which he lashed out at the nation's highest judicial body.

"When the Supreme Court made the wrong decision, I immediately announced a new plan to open an alternative path to relief for as many borrowers as possible, as soon as possible," he declared.

Biden claimed that he is authorized to move forward by the College Cost Reduction and Access Act, a piece of legislation passed in 2007.

Move derided as "a slap in the face to hard-working taxpayers" who paid off loans

Newsweek noted that the president's announcement was met with harsh criticism, including from Michigan Republican Rep. Lisa McClain.

"Biden's unconstitutional loan forgiveness scheme is a slap in the face to hard-working taxpayers that have dutifully paid off their student loans," she tweeted.

"Rest assured, come hell or high water, I will fight this blatant overreach until the end," the conservative lawmaker went on to pledge.

Biden's unconstitutional loan forgiveness scheme is a slap in the face to hard-working taxpayers that have dutifully paid off their student loans.

Rest assured, come hell or high water, I will fight this blatant overreach until the end. pic.twitter.com/hVBd9Iqn25

— Representative Lisa McClain (@RepLisaMcClain) July 14, 2023

North Carolina Republican says Biden wants "to circumvent the Supreme Court"

North Carolina Republican Rep. Virginia Foxx spoke up as well, issuing a statement on Friday that accused Biden of engaging in a "blatantly political attempt to circumvent the Supreme Court."

"The Biden administration is trampling the rule of law, hurting borrowers, and abusing taxpayers to chase headlines," Foxx went on to assert.

President Biden's student loan scam is highway robbery.

It must be stopped.

— Virginia Foxx (@virginiafoxx) October 24, 2022