House Democrats are proposing new legislation that would increase federal student aid, lower interest rates on loans and take other steps to make college more affordable.
, which are given to low-income students but have failed to keep pace with inflation and tuition rates. When the Pell program was started in the 1970s, the grants covered nearly 80% of tuition, fees and housing at a typical public university, according to federal data. Today, they cover about a quarter of those costs.
Interest rates on new federal student loans would be lowered starting in July 2023 to match the yield on the 10-year Treasury note, and all federal student loans would be capped at a 5% interest rate. Current caps vary depending on the type of loan but can reach as high as 10.5%. Older loans would be eligible for refinancing at the lower interest rates., which was created to help public servants get their student debt forgiven but has been marred by complex rules.
House Republicans unveiled their own student loan proposal in August, looking to scale back lending — especially for costly graduate school programs — and rein in debt forgiveness. Biden’s cancellation plan, announced last month, promises to forgive $10,000 in federal student debt for individuals with incomes less than $125,000 a year or families below $250,000. Those who received Pell Grants to attend college get another $10,000.
Answers started to emerge this week as the Education Department quietly updated a website with details on the plan. Borrowers who paid off their loans during the pause will need to request a refund first, then request cancellation, the department said.
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