Republican lawmakers on the House Education and Workforce Committee introduced a plan to reform the federal student loan system, imposing new caps on borrowing to reduce federal spending by $330 billion. The legislation aims to limit undergraduate loans to $50,000, with similar caps for graduate and professional students. The bill also targets accountability by holding colleges financially responsible for student defaults, reflecting concerns over rising college costs and inadequate outcomes for graduates. If enacted, these reforms aim to address systemic issues rather than merely increasing federal funding.
"For decades, Congress has responded to the student loan crisis by throwing more and more taxpayer dollars at the problem - never addressing the root causes of skyrocketing college costs."
"Colleges have ridden this gravy train of taxpayer dollars without any accountability for the quality of the education they provide or whether students can find jobs when they graduate."
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