Press Releases

Today, the Education and Workforce Committee passed the Student Success and Taxpayer Savings Plan—a vital portion of Trump’s big, beautiful bill to provide tax relief for American families and small businesses, rein in wasteful spending, and reduce the federal budget deficit.

The legislation now heads to the Budget Committee before it is considered on the House Floor.

Following the markup, Education and Workforce Committee Chairman Tim Walberg (R-MI) said: “Our current student loan system is broken and has left students holding over $1.6 trillion in federal student loan debt, with taxpayers estimated to lose hundreds of billions of dollars on loans disbursed over the next decade. The Biden-Harris administration’s misguided and unlawful actions have only added to this crisis rather than address the root issues. Still my Democrat colleagues continue to double down on their approach of loan forgiveness and free college. These policies ignore the fact that government spending on higher education has reached record highs and millions of students receiving those funds will ultimately end up with a degree that doesn’t pay off or fail to finish school altogether.

“The bill passed by Committee Republicans today not only would save taxpayers over $350 billion but also bring much-needed reform in three key areas: simplified loan repayment, streamlined student loan options, and accountability for students and taxpayers. I’m proud of the Committee’s work today to finally stand up and end the status quo of endless borrowing.”

The bill’s fact sheet is available here.
The full text is available here.
The section-by-section summary is available here.
The Congressional Budget Office’s preliminary cost estimate is available here.

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