(KNWA) — Families across the nation have racked up about $1.6 trillion in student loan debt and many speculate the amount is going to increase.
The Trump Administration has eliminated an Obama-era rule that aimed to ensure for profit schools were providing programs that led students in jobs that paid enough to pay off their loans.
Education secretary Betsy Devos said this gainful employment rule didn’t treat all student and school fairly. However, a top republican in the Senate is working on legislation he says would re-establish and expand the gainful employment rule and to simplify the repayment system for borrowers.
U.S. Senator Lamar Alexander (R-Tenn.) said, “There are nine very complicated ways to do that now. I think we can do it in two ways to make colleges more accountable.”
Alexander also proposes simplifying the application of federal student aid from more than 100 questions to two dozen, which could add 2 million more students to the 20 million who fill out the form every year.