Bill > S4459

This bill, the Student Debt Relief and College Affordability Act, aims to provide targeted relief for student borrowers, improve the affordability of higher education, and reform the student loan system. The key provisions include: 1. Cancellation and forgiveness of federal student loans for borrowers who received a Federal Pell Grant, up to the total amount of Pell Grants received. 2. Increasing the maximum Federal Pell Grant award over a period of years, reaching $13,000 by 2032-2033. 3. Simplifying student loan repayment plans, including an income-based repayment plan for loans made on or after January 1, 2026, and a fixed repayment plan option. 4. Ending interest capitalization on federal student loans and eliminating origination fees. 5. Providing assistance to borrowers in distress, including limits on income seizure for debt collection and the ability to rehabilitate loans multiple times. 6. Enhancing loan information and counseling requirements for students. The bill also includes provisions to offset the costs, such as an excise tax on corporate stock repurchases and expanding the application of the net investment income tax.