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Student Loan Repayment in the College Cost Reduction Act: Assessing How Benefits Change for Different Borrower Groups

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Title: Student Loan Repayment in the College Cost Reduction Act: Assessing How Benefits Change for Different Borrower Groups
Language: English
Authors: Jason Cohn, Jason Delisle, Urban Institute, Center on Education Data and Policy
Source: Urban Institute. 2024.
Availability: Urban Institute. 2100 M Street NW, Washington, DC 20037. Tel: 202-261-5687; Fax: 202-467-5775; Web site: http://www.urban.org
Peer Reviewed: N
Page Count: 18
Publication Date: 2024
Sponsoring Agency: Arnold Ventures
Document Type: Reports - Descriptive
Education Level: Higher Education
Postsecondary Education
Descriptors: Student Loan Programs, Loan Repayment, Federal Legislation, College Students, Federal Aid, Student Responsibility, Student Financial Aid, Intellectual Disciplines, Institutional Characteristics, Academic Degrees
Abstract: Earlier this year, Representative Virginia Foxx (R-NC) introduced the College Cost Reduction Act (CCRA), a bill to reform higher education grant and loan programs and to establish new accountability rules for colleges. A key part of the bill would replace the myriad income-driven repayment (IDR) plans for federal student loans, including the Biden administration's Saving on a Valuable Education (SAVE) plan, with a new repayment plan. The bill features income-based payments, a cap on total payments, and monthly subsidies that waive unpaid interest and reduce principal balances for certain borrowers. In this brief, the authors compare the CCRA plan with the Biden administration's SAVE plan, the most generous IDR plan. The authors also compare the CCRA plan with another version of IDR, the Pay as You Earn (PAYE) plan.
Abstractor: ERIC
Entry Date: 2024
Accession Number: ED654084
Database: ERIC
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  Data: Student Loan Repayment in the College Cost Reduction Act: Assessing How Benefits Change for Different Borrower Groups
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  Data: Urban Institute. 2100 M Street NW, Washington, DC 20037. Tel: 202-261-5687; Fax: 202-467-5775; Web site: http://www.urban.org
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  Data: Earlier this year, Representative Virginia Foxx (R-NC) introduced the College Cost Reduction Act (CCRA), a bill to reform higher education grant and loan programs and to establish new accountability rules for colleges. A key part of the bill would replace the myriad income-driven repayment (IDR) plans for federal student loans, including the Biden administration's Saving on a Valuable Education (SAVE) plan, with a new repayment plan. The bill features income-based payments, a cap on total payments, and monthly subsidies that waive unpaid interest and reduce principal balances for certain borrowers. In this brief, the authors compare the CCRA plan with the Biden administration's SAVE plan, the most generous IDR plan. The authors also compare the CCRA plan with another version of IDR, the Pay as You Earn (PAYE) plan.
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      – Text: English
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      Pagination:
        PageCount: 18
    Subjects:
      – SubjectFull: Student Loan Programs
        Type: general
      – SubjectFull: Loan Repayment
        Type: general
      – SubjectFull: Federal Legislation
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      – SubjectFull: College Students
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      – SubjectFull: Federal Aid
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      – SubjectFull: Student Responsibility
        Type: general
      – SubjectFull: Student Financial Aid
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      – SubjectFull: Intellectual Disciplines
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      – SubjectFull: Institutional Characteristics
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      – SubjectFull: Academic Degrees
        Type: general
    Titles:
      – TitleFull: Student Loan Repayment in the College Cost Reduction Act: Assessing How Benefits Change for Different Borrower Groups
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              Y: 2024
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