NASHVILLE, Tenn. (WTVF) — As millions of Americans with student loan debt wait for the Supreme Court ruling on President Biden's student-debt relief program, Republican lawmakers are proposing their own ideas for taking down the skyrocketing cost of college.
The Lowering Education Costs and Debt Act and it was introduced Wednesday by a group of Senate Republicans. The plan gives insight into what Republicans think is the real source of the college debt crisis.
It would require colleges to provide clearer information about their costs while prospective students would receive information on what their loan repayment burden would be compared to their projected income.
This would help students choose which college and program, or even career students should go for.
The proposal would also cap borrowing for graduate students. Lawmakers argue generous loans have encouraged universities to raise their tuition costs. Grad students would be limited to taking out federal loans of $20,500 per academic year and those in medical and law school would be limited to $40,500 per year.
The question is whether or not these changes would actually push colleges to lower their costs.
Student loan repayments are scheduled to start back up in September and the Supreme Court's decision is expected to land just before the pause lifts.
