Big Student Loan Changes One Step Closer to Reality
Congress is moving closer to reforming college financial aid with the introduction of a new bill by GOP lawmakers in the U.S. Senate.
The proposed legislation includes new caps on student loan borrowing and a reduction in the number of repayment plans.
While the Senate version is less aggressive than the House bill, it still indicates significant changes to how Americans pay for college.
The bill aims to cut lending for graduate students and parents, streamline student loan repayment plans, and make adjustments to Pell Grants eligibility.
However, concerns remain about the potential impact on college affordability and access.
Melanie Storey, president of the National Association of Student Financial Aid Administrators, said she was “relieved” some of the “most harmful” provisions of the House bill had been nixed.
“Still, there are several concerning aspects of this bill that would ultimately make college less affordable for students,” she said, including changes that “may drive borrowers to riskier private loans, which are not available to all borrowers.”
Source: USA Today
Big Student Loan Changes One Step Closer to Reality was originally published on wbt.com
