Bill 118 s 1972, also known as the Lowering Education Costs and Debt Act, aims to address the rising costs of higher education and the increasing burden of student loan debt in the United States. The bill proposes several measures to make college more affordable and reduce the financial strain on students and their families.
One key provision of the bill is the expansion of federal financial aid programs, such as Pell Grants, to provide more assistance to low-income students. This would help cover tuition, fees, and other expenses associated with attending college. Additionally, the bill includes provisions to increase funding for historically black colleges and universities (HBCUs) and other minority-serving institutions, ensuring that all students have access to quality higher education.
Another important aspect of the bill is the establishment of a loan forgiveness program for borrowers who work in public service professions, such as teachers, nurses, and social workers. This program would incentivize individuals to pursue careers that benefit society while also helping them manage their student loan debt.
Furthermore, the bill includes measures to improve financial literacy education for students and families, helping them make informed decisions about paying for college and managing their finances. It also seeks to increase transparency around college costs and outcomes, making it easier for students to compare schools and make informed choices about where to attend.
Overall, the Lowering Education Costs and Debt Act aims to make higher education more affordable and accessible for all Americans, while also addressing the growing problem of student loan debt. By expanding financial aid, supporting minority-serving institutions, offering loan forgiveness for public service workers, and improving financial literacy, this bill seeks to alleviate the financial burden on students and promote educational opportunity for all.