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The resolution did not pass, 49-50. Sen. Joe Manchin III of West Virginia was the sole Democrat who joined Republicans in backing the resolution. Sen. Tim Scott of South Carolina did not vote.

Following the vote, Senate Majority Leader Chuck Schumer said he was glad the resolution failed.

鈥淭here are millions of students, poor, working class 鈥� who would have benefit from what the president has done,鈥� Schumer said.

The Congressional Review Act resolution was by the top Republican on the U.S. Senate Health, Education, Labor and Pensions committee, Sen. Bill Cassidy of Louisiana.

There is no companion resolution in the House, where Republicans have a slim majority. The White House has already vowed to veto the measure should it make its way to the president鈥檚 desk.

鈥淭his legislation would mean higher payments for student loan borrowers and would dramatically raise costs for graduates,鈥� the White House said in a statement. 鈥淚t is exactly the wrong direction.鈥�

A Congressional Review Act, or CRA, allows Congress to overturn any regulatory rules made by the White House. A CRA needs just 51 votes to pass, unlike the usual 60 votes required to defeat a filibuster.

On the Senate floor Wednesday, Cassidy argued that the new income-driven repayment plan does not 鈥渇orgive debt.鈥�

鈥淚t transfers the burden of $559 billion in federal student loans to the 87% of Americans who don鈥檛 have student loans, who chose not to go to college, or already responsibly paid off their debts,鈥� he said.

This is not the first time congressional Republicans have moved to block the Biden administration鈥檚 student debt relief policy.

In May, that would prevent a one-time cancellation of up to $20,000 in federal student loan debt for some borrowers who qualify. The White House vetoed that, and a month later the Supreme Court struck down the policy.

On the Senate floor Wednesday before the vote, Schumer said the current CRA is a 鈥減unch to the gut for millions and millions of borrowers, the overwhelming majority of whom are working class, poor, or middle class.鈥�

鈥淩epublicans don鈥檛 think twice about giving huge tax breaks to ultra-wealthy billionaires and large corporations, but when it comes to helping out working families with student debt relief, suddenly it鈥檚 too much money, it will raise the deficit, we can鈥檛 afford it,鈥� Schumer said. 鈥淕ive me a break.鈥�

The Department of Education the Saving on a Valuable Education, or SAVE, plan hours after the the Biden administration鈥檚 one-time student debt cancellation that would have forgiven up to $10,000 in federal student loan debt for single adults making under $125,000 a year, or under $250,000 for married couples.

Borrowers who received Pell Grants would have been eligible for an additional $10,000 in forgiveness of federal student loans.

The new income-driven repayment plan calculates payments based on a borrower鈥檚 income and family size and forgives balances after a set number of years. More than 5.5 million student loan borrowers have already enrolled in the SAVE plan,

Senate Minority Leader Mitch McConnell of Kentucky called the new IDR rule a 鈥渟ocialist fever dream鈥� on the Senate floor Wednesday.

鈥淲hichever way you slice it, the President鈥檚 policy is a raw deal for working Americans who have made the sacrifices to pay off their student loans, or avoided debt altogether,鈥� he said. 鈥淏ut with taxpayers footing the bill, it鈥檚 also a powerful incentive for schools to raise the cost of college even higher.鈥�

Repayments on federal student loans restarted last month after a nearly three-year pause due to the coronavirus pandemic.

With the SAVE plan, borrowers with undergraduate loans will pay 5% of their discretionary income, rather than the 10% required under previous income repayment plans. And borrowers with undergraduate and graduate loans will pay a weighted average between 5% and 10% of their incomes.