It will do the following:

Strengthens guidelines for colleges and universities to gain accreditation.

Caps undergraduate borrowers at $50,000 in student loans, graduate borrowers at $100,000, and graduate professional borrowers at $150,000.

Sunsets the GradPlus and ParentPlus loan programs. The program would be ended due to parent’s inability to repay the loans and financial struggles the program was causing.

Streamlines repayment plans into two versions: a 10 year mortgage style repayment plan and an income driven repayment plan.

Prohibits future student loan debt relief and prohibits the Secretary of Education from creating new payment plans and from modifying existing plans that would cost the government money.

Repeals the process to streamline claims by borrowers who claim they were defrauded by their school.

Repeals student loan forgiveness for students who were defrauded by their schools.

Implements requirements that any and all rules would need to not increase the cost of student loans to the government. Rules that would add additional costs are prohibited and could not be implemented.



https://www.businessinsider.com/gop-...ef-foxx-2024-1