Ends New Federal Student Loan Protections
Official: A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Education relating to "Reimagining and Improving Student Education-Federal Student Loan Program Final Regulations".
This resolution nullifies the Department of Education's recent changes to federal student loan programs, which aimed to improve repayment options and support for borrowers.
1. This resolution removes new limits on federal student loans for graduate and professional students. 2. It eliminates the new repayment plans designed to simplify loan repayment for borrowers. 3. The resolution also stops the second chance for borrowers in default to rehabilitate their loans. 4. By disapproving this rule, Congress allows the existing complex loan repayment options to remain in place.
This affects graduate and professional students, as well as borrowers struggling with loan repayment.