Time to revisit this issue
SCOTUS is taking it's time to make a ruling .
Senate Repubs in the meantime have crafted a plan to actually deal with the issue of student loans.
The first of five measures is on the docket .
BOM23392 (senate.gov)
The 1st 3 deal with transparency.
The bill above requires colleges to provide data on student outcomes and enrollment trends to the National Center for Education Statistics, which would create a database of this information aimed at helping prospective students make informed educational decisions.
The 2nd would standardize financial aid forms making it easier for the student to compare colleges .
The 3rd is similar requiring that students applying for federal student loans receive information detailing sample payments for their loans, as well as how long they would expect to be paying off their student loans, and what income they can expect to make after graduating from a given school.
The 4th bill cuts off loans for students who attend programs that would not result in future income suitable to pay back the loans., The government would no longer subsidize basket weaving degrees . The bill also limits the number of repayment options available . There would be 2 repayment plans ... a 10 year plan or a revised REPAYE plan which would be an income based repayment plan that allows borrowers to pay a monthly amount fixed to their income,with loan forgiveness after at least 20 years of payments.
The 5th bill would eliminate 'Graduate PLUS Loans'. These loans have been directly connected to the rapid rise in the cost of college especially after the cap on these loans were lifted in 2006 . Colleges had all the incentive to jack up the price of a graduate degree.
PROOF POINTS: No-limits borrowing for graduate school pushed prices up for all (hechingerreport.org)
House Repubs also have legislation on the table.
untitled (house.gov)
According to their press relief the plan would
Provides targeted student loan relief to those who made years of payments but saw their debt explode due to Democrats’ poorly designed repayment policies;
Allows defaulted borrowers to get back on track to repayment by giving them a second chance to rehabilitate their loans and enroll in an affordable repayment plan;
Ends the Biden administration’s student loan scam and prevents ED from issuing costly and expansive regulations, including the President’s radical IDR proposal costing $276 billion over the next decade; and,
Ensures a smooth transition back into repayment by offering repayment assistance to borrowers in financial distress and requiring ED and the Office of Federal Student Aid to provide ample guidance to servicers.
FAIR Act Brings Clarity to Student Loan Borrowers, Protects Taxpayers | Committee on Education & the Workforce
I don't believe these bill will survive the legislative process . But they do offer a distinct different approach to Clueless Joe's forgiveness plan that does not solve the issues of exploding costs of college ,and would more likely increase the cost of college. These plans offer the hope of reducing the cost of college.