Reagan Reese
Several Republican senators introduced an education package of five bills on Wednesday aimed at targeting issues that are causing higher education tuition to increase and students to take on large amounts of loan debt in order to attend school.
The “Lowering Education Costs and Debt Act,” sponsored by Louisiana Sen. Bill Cassidy, Iowa Sen. Chuck Grassley, Texas Sen. John Cornyn, South Carolina Sen. Tim Scott and Alabama Sen. Tommy Tuberville, would require all universities to use the same financial aid letter, which breaks down scholarship amounts, to better help families compare the cost of higher education institutions. The package consists of five bills including the College Transparency Act, the Streamlining Accountability and Value in Education (SAVE) for Students Act, Informed Borrowing Act of 2023, Graduate Opportunity and Affordable Loans (GOAL) Act and the Understanding the True Cost of College Act.
“Student loan repayment should not fall on the backs of hardworking American taxpayers, and students should not be getting federal loans for degrees that don’t result in better-paying jobs,” Cornyn said in the press release. “I’m proud to join my colleagues in supporting this legislation to streamline this confusing system, save students money, and ensure higher education is accessible to Americans without an out-of-touch loan cancellation scheme.”
Under the “College Transparency Act,” which was introduced in April, higher education institutions would be required to submit accurate numbers on its enrollment, completion and post-college earnings across majors to the National Center for Education Statistics, a college reporting system. The “Streamlining Accountability and Value in Education (SAVE) for Students Act,” introduced Wednesday, would create two, rather than nine, student loan repayment options in an effort to simplify the forgiveness process.
The “Informed Borrowing Act of 2023,” introduced Wednesday, would require that students receive adequate information detailing their loan, their monthly payment and how much money they can expect to make upon graduation. Under the “Graduate Opportunity and Affordable Loans (GOAL) Act,” also introduced Wednesday, higher education institutions would be able to set lower loan limits in an effort to protect students from over-borrowing.
“More and more of our students are paying more to get less,” Tuberville said in the press release. “Over my four decades as a Coach, I watched prices go up and academic achievement go down all across our nation, and that was one of the reasons I ran for Senate. Today, Senate Republicans are putting forward a plan that would ease the burden on the taxpayer, and especially ease the burden on young people starting out. This legislation would be the first step to ensuring that America’s future generations get a better deal.”
A statement from DFI Co-Founder Jim Blew on the Lowering Education Costs and Debt Act: https://t.co/7nPGPvEjvN pic.twitter.com/LFdVfhiT86
— Defense of Freedom Institute (@DFIPolicy) June 14, 2023
The Supreme Court is expected to make a ruling on the Biden Administration’s controversial student loan forgiveness plan, which would allow millions of borrowers to cancel up to $20,000 in federal student loan debt. The White House is preparing to establish a three-month grace period for borrowers who miss payments if the Supreme Court rules against the student loan forgiveness plan.
“President Biden continues to push his illegal and unconstitutional student loan scheme, which forces hard working Americans to shoulder debt they never signed up for,” Scott said in the press release. “In stark contrast, this groundbreaking, conservative package attacks the root cause of skyrocketing student loan debt, seeks to drive down the cost of education, and sets all students up to succeed.”
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