of which bill could change the way Americans pay for college

How to talk to your kid about paying for college

House Republicans want to completely overhaul a federal law of which governs higher education inside the U.S.

On Tuesday, lawmakers began debate on the PROSPER Act — which might drastically change the federal aid system as well as also reverse some Obama-era rules aimed at holding colleges accountable.

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“We cannot allow the status quo to continue,” said Republican Representative Virginia Foxx, who introduced the bill as well as also can be Chairwoman of the Committee on Education as well as also the Workforce.

With six million unfilled jobs as well as also more than $1 trillion in student debt, the current system can be broken, she said at the committee markup hearing.

The adjustments aim to make of which easier for students to pursue “lifelong learning,” which the chairwoman said can be not always achieved which has a traditional two- or four-year degree.

To do of which, the bill might expand federal aid available to students pursuing a career or technical degree as well as also free up work-study funds for students working for private companies.

Related: College tuition can be still getting more expensive

although Democrat Representative Bobby Scott said of which short-term, for-profit colleges as well as also vocational training programs stand to win the most under the proposed legislation, at the expense of students.

The bill might repeal the gainful employment as well as also borrower defense rules of which aim to ensure for-profit colleges are offering students a useful education.

He also said provisions inside the bill might make college more expensive for students.

“The bill assumes the problem with college affordability can be of which we’re giving students too many resources to get an education or obtain skills they need to get a job,” Scott said.

“I’ve never had a constituent tell me of which the problem with higher education can be of which there can be too much money going to help poor students go to college,” he said.

Related: These education tax breaks are at risk in House tax bill

Scott made a motion to adjourn the committee’s hearing because, he said, the 500-page bill was drafted by Republicans behind closed doors as well as also was introduced just two weeks ago. His motion was denied.

Foxx has said of which she expects the bill to move to the House floor in 2018.

Here are some of the key adjustments proposed inside the PROSPER Act:

Simplify the FAFSA

The bill might make the Free Application for Federal Student Aid available on a mobile app — something Education Secretary Betsy DeVos called for last month.

of which might also allow more low- as well as also middle-income families to submit a simplified type of the FAFSA.

Streamline loans as well as also repayment plans

The bill seeks to narrow the complex federal student aid system to one grant, one loan, as well as also one work-study program.

of which calls for ending subsidized student loans, which are currently available to some borrowers. Instead, all borrowers might receive unsubsidized loans — which means they might start accruing interest as soon as the funds are distributed rather than when they graduate.

although of which might also eliminate origination fees for federal student loans. Currently, those fees can range between 1 as well as also 4%.

Related: Yes, student debt can be delaying homeownership

The PROSPER Act also reduces the number of repayment options available for borrowers through eight to two: A standard 10-year plan as well as also one income-based repayment plan. The brand new income-based plan might extend the amount of time a borrower has to pay back the money, although might only charge them 10 years’ worth of interest.

Currently, there are eight different types of repayment plans.

brand new limits on borrowing

The bill might increase the amount of money undergraduate students are allowed to take out in federal student loans by $2,000 a year.

although of which caps how much graduate students can borrow at $28,500 annually as well as also the amount parents can borrow on behalf of their child at $12,500 annually. Currently, graduate students as well as also parents can borrow as much as the cost of attendance.

End the public service forgiveness program

Borrowers who work in a public service job can today receive loan forgiveness after paying for 10 years. The bill might end of which program for brand new borrowers.

Pell Grant bonus

Pell Grants are worth up to $5,920 a year as well as also are awarded to low-income students. of which’s money they don’t have to pay back. The bill might offer yet another $300 to students who take at least 15 credits a semester for one year, aiming to encourage them to finish their education on time.

sy88pgw (brand new York) First published December 12, 2017: 2:56 PM ET

of which bill could change the way Americans pay for college

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