Sen. Lamar Alexander, Chairman of the HELP Committee, discussed his priorities for higher education legislation. His goal is to report by Spring, so the full Senate can consider it in Summer.
Simplify FAFSA from 108 questions to 15-25 questions and answer 22 questions with one click.
Reduce federal loan payment programs from 9 systems to 2 systems. Both would withhold payments from borrower’s paycheck, like the federal income tax. First system would have monthly payments based on borrower’s income. Second system would be a 10-year monthly payment program.
New accountability system based on whether borrowers are repaying their student loans. This would simplify and expand the gainful employment rule proposed in 2014 by the US DoED. This would measure what programs are worth it for students.
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