House Democrats are proposing new legislation that would increase federal student aid, lower interest rates on loans and take other steps to make college more affordable
President Joe Biden's student debt cancellation plan
But similar to Biden's loan cancellation plan, the proposed legislation does not address the rising cost of college itself, which has continued to increase for decades., which are given to low-income students but have failed to keep pace with inflation and tuition rates. When the Pell program was started in the 1970s, the grants covered nearly 80% of tuition, fees and housing at a typical public university, according to federal data. Today, they cover about a quarter of those costs.
Several of the bill's components are perennial aspirations for Democrats, who have long sought to increase Pell Grants and fix the loan forgiveness program. But those goals have been thwarted by a deeply divided Congress — Biden has repeatedly sought to double Pell Grants but had to settle for a $400 increase this year as part of a bipartisan budget bill.
Biden’s cancellation plan, announced last month, promises to forgive $10,000 in federal student debt for individuals with incomes less than $125,000 a year or families below $250,000. Those who received Pell Grants to attend college get another $10,000. According to the agency, borrowers who made payments during the pandemic will automatically get that money refunded if they apply for Biden's cancellation — but only if their previous payments left them with a loan balance lower than the $10,000 or $20,000 they're getting canceled.
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