WASHINGTON (AP) — House Republicans are proposing to revamp federal student loan programs by putting caps on how much students and parents can borrow and make it easier to apply for loans.
The provisions are part of a massive rewrite of higher education legislation introduced Friday by Reps. Virginia Foxx of North Carolina and Brett Guthrie of Kentucky.
A fact sheet says the bill is designed to promote "innovation, access and completion" and help schools better prepare students for careers.
House Democratic leader Nancy Pelosi says it "pulls the rug out from borrowers."
The legislation would limit how much parents and students could borrow. Repayment would be on a standard 10-year plan or a single income-based option.
It also calls simplification of the application process, something Education Secretary Betsy DeVos also is seeking.