Republicans Propose College Cost Reduction Act to Reform Higher Education

The bill aims to lower college costs, reform student loans, and hold colleges accountable for student outcomes.

The College Cost Reduction Act, introduced by House Education Committee Chair Virginia Foxx, aims to lower the cost of college and reform the student loans process.
The bill proposes to standardize financial aid applications and create a public 'College Scorecard' to provide insight into the costs and outcomes of universities.
The legislation would make schools financially responsible for student loan payments that are missed and cap student loans at $50,000 for undergraduate degrees.
The bill also proposes two new programs: the 'Pell Plus' program, which would allow students in certain degrees to get greater Pell Grants, and the 'PROMISE' grant program, which bases funding for schools on student performance, graduation rates, and low tuition.
Changes to student loans include an aggregate student loan limit of $50,000 on undergraduate students and $100,000 for graduate students, and the creation of two repayment plans: an income-driven repayment plan and a 10-year 'mortgage style' plan.