To pay for Trump's tax cuts, House Republicans could raise student loan bills for millions of borrowers
As House Republicans look for ways to slash spending to fund President Donald Trump’s tax cuts, they’ve floated proposals that could raise federal student loan bills for millions of borrowers.
As House Republicans look for ways to slash spending to fund President Donald Trump’s tax cuts, they’ve floated proposals that could raise federal student loan bills for millions of borrowers.
GOP lawmakers are expected to use the budget reconciliation process to make major cuts to the federal budget. The savings from the student repayment plan overhaul would be $127.3 billion over 10 years, according to their estimate.
The timing is uncertain on when any of these changes could surface. It’s also possible that the final Republican plan will be different than those proposed.
But the average student loan borrower could pay nearly $200 a month more if the GOP plans to reshape the repayment program succeed, according to an early estimate by The Institute for College Access & Success.
“Most people don’t have an extra $200 a month to throw toward their student loan bill,” said Michele Shepard Zampini, senior director of college affordability at the institute.
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