Shaheen reintroduces bipartisan bill that makes college share student loan responsibility

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U.S. Senator Jeanne Shaheen (D-NH) on June 10, 2022. Photo/Andrew Sylvia

 

WASHINGTON – While President Biden’s executive order on college student debt continues to face legal challenges, U.S. Senators Jeanne Shaheen (D-NH) and Todd Young (R-IN) have reintroduced a bill seeking to curb student debt by increasing the accountability of higher education institutions.

The proposed Student Protect and Success Act would remove federal student loan eligibility from any colleges or universities were less than 15 percent of students are able to begin replaying their loans upon graduation or leaving school. Schools would also have a “risk-sharing fee” based on the total loan volume their students are not able to repay to the U.S. Department of Education, with funding from those fees going to assist lower-income students.

“When it comes to college affordability, we need to be forward-looking to not only prepare our kids to enter college but also for what comes after, so they can find opportunities and success in the workforce. That’s precisely what our legislation seeks to do,” said Shaheen. “Our bipartisan bill would increase accountability measures for loan repayments on higher education institutions so that they have to keep their promises to borrowers and empower graduates with the resources necessary to succeed after graduation. This bipartisan effort is an investment in student success and the sustainability and strength of our future workforce.”

“Higher education institutions should be preparing graduates for real-life careers, and we must have accountability to ensure students are not saddled with debt on the backs of taxpayers. I’m proud to reintroduce the Student Protection and Success Act so that colleges and universities have an incentive to ensure graduates are able to repay their student loans,” said Young.

Full text of the Student Protection and Success Act, S.5072, is available here.

 

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About this Author

Andrew Sylvia

Assistant EditorManchester Ink Link

Born and raised in the Granite State, Andrew Sylvia has written approximately 10,000 pieces over his career for outlets across Massachusetts, New Hampshire and Vermont. On top of that, he's a licensed notary and licensed to sell property, casualty and life insurance, he's been a USSF trained youth soccer and futsal referee for the past six years and he can name over 60 national flags in under 60 seconds according to that flag game app he has on his phone, which makes sense because he also has a bachelor's degree in geography (like Michael Jordan). He can also type over 100 words a minute on a good day.