Now, as Washington turns to re-writing the Higher Education Act, your voice will be needed again. Legislation to rewrite federal higher education policy could have a significant financial impact on college students and institutions. For example, this bill will restructure student loan terms and conditions. This includes eliminating all current loan forgiveness and income-based repayment programs, in favor of two simple options with limitations on the total amount of interest that can accrue.
We are concerned that such a significant piece of legislation, one that will govern upwards of a trillion dollars in federal spending, and many additional private dollars for enactment by colleges and universities, could be unnecessarily rushed before its full impacts are known.
As we learn more about the impacts on students and institutions, look for another action alert in the new year about the Higher Education Act.