Bill > S4897

This bill proposes several key reforms: 1. It terminates the authority to make Federal Direct PLUS Loans to graduate or professional students who are not "covered healthcare students" and limits the maximum annual and aggregate lifetime amounts for parent borrowers and covered healthcare students. It also requires the Secretary of Education to submit recommendations on expanding PLUS Loan eligibility to other high-return STEM-based professions. 2. It imposes a "loan default penalty" that requires institutions to remit 25% of the total amount of loans that entered default in the previous fiscal year. 3. It establishes an "institutional responsibility guarantee" that requires institutions to remit a percentage of the outstanding balance of defaulted loans to the Secretary. 4. It limits the number of administrative staff at certain high-tuition institutions, with priority reductions in diversity, equity and inclusion staff, executive/management staff, and human resources staff. 5. It prohibits institutions from granting preferential treatment or discrimination based on race, color, ethnicity, or national origin. 6. It restricts the teaching of certain "race-based theories" at institutions of higher education and imposes an excise tax on large private college and university endowments as well as excessive tuition. 7. It bans institutions from requiring students to submit the FAFSA if they do not wish to apply for or accept federal student aid. 8. It establishes protections for free speech and expressive activities at public and private institutions.