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House Republicans want to cap student borrowing and overhaul the federal loans program

Source Date: 
Wednesday, November 29, 2017

House Republicans are planning to propose a bill this week that would bring about drastic changes to federal loans servicing and higher education policy, The Wall Street Journal reported Wednesday. The bill is part of a push to provide students with more skills in a modern labor market, but would also do away with programs meant to ease students' borrowing burdens.

Under the Promoting Real Opportunity, Success and Prosperity Through Education Reform (PROSPER) Act, student loan debt would no longer be forgiven for workers after they spend 10 years in the public sector. The Journal notes, however, that the bill would "grandfather in" people who signed their loans before the bill's implementation. The bill would also cap the amount of money students or their parents could borrow to pay for tuition.

"There is scarcely anything that drags a person down like debt."
– P. T. Barnum
The road to success is always under construction
– Lily Tomlin
"If we don't change direction soon, we'll end up where we're going."
– Irwin "Professor" Corey
“This would be a much better world if more married couples were as deeply in love as they are in debt.”
– Earl Wilson
"Nothing in life is to be feared. It is only to be understood."
– Marie Curie
“What I would like to do... once I take care of all my kids' student loans, is buy a red 1965 Mustang and fully restore it.”
– Mike Quigley
"Bankruptcy laws allow companies to smoothly reorganize, but not college graduates burdened by student loans."
– Robert Reich