House Republicans have introduced a bill aiming to revamp the education system and student financial aid, notably reducing repayment plans to two options and eliminating federal PLUS loans. The proposed legislation, led by Rep. Tim Walberg, seeks to save over $330 billion by enhancing accountability and simplifying repayment systems. It would eliminate existing generous plans, likely leading to higher payments for borrowers. The bill aims to address the burden of student debt while ensuring financial sustainability in programs like Pell Grants.
The bill will condense existing repayment options to just two, likely resulting in higher payments and decreased debt relief for millions of borrowers.
Rep. Tim Walberg stated that the legislation aims to save over $330 billion while providing reforms that will lower costs for students and families.
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