The House Education and Workforce Committee passed a draft bill to overhaul student loans.
The bill would force colleges to repay student loans if a borrower cannot so that taxpayers are not on the line for federal loans that go unpaid. That’s interesting! If students cannot pay back their debt, and they can prove that they did realize “a return on investment [for] the degree provided,” the university will pay back the loan, not the taxpayer.
If universities had to pay for failed market value of their degrees, how many of them would continue to let young students to rack up debt for a degree in “Renaissance Sexualities“?
The bill also prevents any future president from “any future attempts at loan ‘forgiveness’ and repeals a range of burdensome and costly Biden-era regulations.”
The bill also makes changes to Pell grants so that they can be used for shorter term vocational schools. It also sets borrowing limits for students so that they don’t just rack up debt so early in their career. It seems like a really good bill meant to fix what was so obviously broken.
It will move through one more committee before going to the House floor for a vote.
