“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.”
House Republicans want to cap student borrowing and overhaul the federal loans program
Source Date:
Wednesday, November 29, 2017
Categories:
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.