With President Biden’s widescale student loan forgiveness plan dead, federal lawmakers are looking at other ways to help student loan borrowers.
Revenue lost through interest payments would be offset by the establishment of a Trust Fund.
Currently, student loan interest is used to pay for the cost of operating the federal student program. Under the legislation, student loan borrowers would make payments on their principal balance and those funds would be put into trust that would be invested. Returns on the investment would underwrite the cost of operating the student loan program.
Any additional money from the Trust Fund will go towards funding Pell Grants. Only universities that have not raised tuition by an average of 2% over the last three years would be eligible to receive the grants, according to the bill fact sheet. The Student Loan Interest Elimination Act is endorsed by the American Association of Colleges and Universities, the Education Trust and the Hildreth Institute,If you purchase a product or register for an account through one of the links on our site, we may receive compensation.
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