Republican Missouri Sen. Josh Hawley will introduce legislation to overrule Joe Biden’s student loan stunt and make colleges and universities responsible for the student debt.
The bill is titled the Make the Universities Pay Act. It will require institutions of higher education participating in the Federal Direct Student Loan Program to pay 50% of any student loan balance that is in default.
Hawley said: “For decades, universities have amassed billion-dollar endowments while teaching nonsense like men can get pregnant. All while charging extortionary tuition. Now Joe Biden wants to give away another $1 trillion to prop up the system.
“That’s wrong. Instead, it’s time to put universities on the hook and give students the information they need to make informed decisions.”
According to The Daily Caller:
“The Make the Universities Pay Act would also allow student loan debt to be discharged in bankruptcy and allow undergraduate student loan debt to be discharged five years after the first payment is due, while graduate student loan can be discharged 15 years after the first payment is due.
“In addition, the bill requires each institution of higher education participating in federal financial aid programs to publish post-graduate outcomes, including mean and median earnings of graduates and student loan default rates, disaggregated by each degree or program of study.”
According to Yahoo:
The federal government this week unveiled how many student loan borrowers in each state, Washington, D.C., and Puerto Rico are eligible for President Joe Biden’s debt forgiveness, while also reiterating how cancellation could help narrow the racial wealth gap.
The state-by-state figures highlight the number of borrowers who qualify for the $10,000 in cancellation as well as the number of Pell Grant recipients eligible for an additional $10,000 in loan forgiveness.
The Pell Grant is targeted at borrowers with the greatest financial need based on their free application for federal student aid, known as FAFSA.
Overall, more than 40 million borrowers are eligible for its student debt relief plan, according to White House projections, and nearly 20 million borrowers could have their entire remaining balance forgiven.