As a member of the House Committee on Education and the Workforce, I am committed to supporting students pursuing a college degree while defending the American taxpayers. In coordination with Chairwoman Virginia Foxx (R-NC), we are working to bring more transparency and accountability to higher education on behalf of students across the country, which will increase the value of college for a greater number of Americans.
This week, our Committee considered H.R. 6951, the College Cost Reduction Act, which will will lower college costs for students and families. I am proud to share that the bill incorporated two of my initiatives, the Responsible Borrowing Act and the Protecting Taxpayers from Student Loan Bailouts Act.
The first bill aims to promote fiscal responsibility among student borrowers by protecting students against taking on excessive student loan debt from such a young age that could take decades to repay. Specifically, the bill allows universities to protect its students by implementing guard rails on how much money students can borrow. This measure received endorsements from the President of Moraine Park Technical College, Bonnie Baerwald, and the National Association of Student Financial Aid Administrators.
The goal of the second bill is to defend the American people against the Biden administration’s relentless attempts to transfer the burden of student loan debt to the taxpayers. Specifically, it requires that the Department of Education review the fiscal impact of any future plans to forgive student loan debt to ensure costs to the federal government do not increase and result in taxpayers footing the bill.
Now that the College Cost Reduction Act passed out of our Committee, it is one step closer to becoming law. By having universities share the burden of risk on unpaid loans, this legislation will drive down tuition costs and student debt. Students and families deserve better than the current unsustainable borrowing system, and the passage of this bill through Committee is an important step towards meaningful change.