Grothman Supports Bill to Lower Cost of College
On Wednesday, January 31, 2024, the College Cost Reduction Act passed out of the House Committee on Education and the Workforce with Congressman Grothman’s support. Grothman is proud to share that the bill incorporated two of his initiatives, the Responsible Borrowing Act and the Protecting Taxpayers from Student Loan Bailouts Act.
The first of Grothman’s bills 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 institutions of higher education to implement guard rails on how much money students can borrow.
The goal of Grothman’s 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.
By having universities share the burden of risk on unpaid loans, this legislation will drive down tuition costs and student debt. The College Cost Reduction Act brings more transparency and accountability in higher education on behalf of students across the country.
Through this legislation, the House Education Committee is showcasing its commitment to supporting students pursuing university while defending taxpayers.