The Make the Universities Pay Act would allow student loan debts to be forgiven in bankruptcy. Undergraduate student loan debt can be paid off within five years of the due date, and graduate student loans can be paid off 15 years after the due date. The bill also requires institutions of higher education that participate in federal financial aid programs, to publish postgraduate outcomes. This includes median earnings and default rates for students and means earnings.
Biden’s administration has taken executive action to forgo $10,000 per borrower. CNBC reports that the move would erase $321 billion in federal student loans and eliminate student debt for nearly 12 million people.
Biden will also cancel Pell Grant recipients up to $20,000
“Universities have been building billion-dollar endowments for decades while teaching nonsense such as men can get pregnant. All the while charging exorbitant tuition. Joe Biden now wants to give away $1 trillion more to support the system. That’s wrong. Instead, it’s high time for universities to be held accountable and provide students with the information they need in order to make informed decisions,” Hawley said to the Caller before introducing legislation.
Hawley intends to introduce the legislation Wednesday afternoon.