GOP lawmakers have outlined new budgetary proposals that aim to revoke several of President Biden's student-debt relief programs, including the controversial SAVE plan. By focusing on bipartisan solutions, the proposals include ending interest capitalization and limiting eligibility for forgiveness programs such as the Public Service Loan Forgiveness. Additionally, the proposals suggest systemic changes like allowing for multiple loan rehabilitations for borrowers in default and expanding Pell Grant eligibility. The Republican-led Congress seeks to invest more control over student loans, asserting that Biden's relief measures were unconstitutional and economically detrimental.
The GOP's newly proposed budget strategies include reversing significant student debt relief initiatives begun under Biden, signifying a shift in financial responsibility for borrowers.
Key budget proposals include eliminating the SAVE repayment plan and restricting eligibility for existing relief measures, reflecting the GOP's intent to reshape the student loan landscape.
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