Senate Republicans have launched their own student loan reform bill to address student debt and rein in “skyrocketing” college costs.
The Lowering Education Costs and Loan Act, a five-bill bundle, would give a “responsible alternative” to the Biden administration’s student loan transfer idea.
Senators Chuck Grassley (R-Iowa), Bill Cassidy (R-La. ), Steve Daines (R-Mont. ), John Cornyn (R-Texas), Tommy Tuberville (R-Ala.), and Tim Scott (R-S.C.) introduced the new package on Wednesday.
The Understanding, the True Cost of College Act, proposed by Grassley, would develop a standardized financial aid offer form to allow students to compare financial aid packages. Government Accountability Office, more than 90% of college financial assistance offer letters understate the amount students would pay.
“Iowans understand that when you take out a loan, you have a responsibility to pay it back. The Biden administration’s plan to forgive student debt would only transfer the burden of repayment onto American taxpayers, costing them billions of dollars. That’s an outrageous approach to the student debt crisis,” added Grassley.
Other legislation under the Lowering Education Costs and Debt Act would, through the College Transparency Act, change the college data reporting system to guarantee students have information on career prospects and outcomes for educational institutions.
The Streamlining Accountability and Value in Education for Students Act, or SAVE for Students, will streamline graduate repayment alternatives.
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In addition, the Graduate Opportunity and Affordable Loans Act (GOAL) would eliminate inflationary Graduate PLUS loans and set lower loan limits to safeguard students from overborrowing.
Daines’ Informed Borrowing Act, which would mandate loan counseling for precise information about the term of a student loan, the monthly payment, and how much money the average graduate makes after attending the school and program of choice, is also included in the package.
President Joe Biden rejected a bill last week to keep his program, which would cancel student debt and grant $10,000 to $20,000 in loan forgiveness to 40 million borrowers. The United States Supreme Court is poised to rule on the legitimacy of Biden’s plan any day now.
Grassley tweeted Wednesday, “Biden’s student loan transfer plan is like closing the barn door after the horses are out.” “We need proactive solutions for students.”
Joined Republicans 2introduce a legislative package 2 inform students b4 they take out loans My Understanding the True Cost of College Act is included. Biden’s student loan transfer plan is like closing the barn door after the horses r out We need proactive solutions for students pic.twitter.com/aH5VfSitRJ
— Chuck Grassley (@ChuckGrassley) June 14, 2023
“Our federal higher education financing system contributes more to the problem than the solution. Colleges and universities using the availability of federal loans to increase their tuitions have left too many students drowning in debt without a path for success,” Cassidy said.
“Unlike President Biden’s student loan schemes, this plan addresses the root causes of the student debt crisis,” Cassidy continued. “It puts downward pressure on tuition and empowers students to make educational decisions that put them on track to academically and financially succeed.”
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