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Skin in the Game Act


Brady

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IN THE SENATE OF THE UNITED STATES

Mr. Bishop (for himself, with thanks to Mr. Hawley of Missouri) introduced the following bill

A BILL

To amend the Higher Education Act of 1965 to provide for institutional shared responsibility for student loan default.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the "Skin in the Game Act".

SEC. 2. INSTITUTIONS OF HIGHER EDUCATION REPAYING A PORTION OF STUDENT LOAN DEBTS.

Section 454 of the Higher Education Act of 1965 (20 U.S.C. 1087d) is amended by adding at the end the following:

"(d) INSTITUTIONS OF HIGHER EDUCATION REPAYING A PORTION OF STUDENT LOAN DEBTS.--

"(1) IN GENERAL.--Each institution of higher education participating in the direct student loan program under this part for a fiscal year shall be liable for 50 percent of any student loan balance that is in default for a loan made under this part that was used towards the cost of attendance at the institution.

"(2) NO OFFSET.--An institution of higher education shall not increase the costs of tuition at the institution, charge any additional fee to students, or otherwise increase the cost of attendance at the institution in order to offset the liability of the institution under paragraph (1).".

PES

Requires higher education institutions participating in the direct student loan program to pay half of any student loan balance that is in default for a loan used toward the cost of attendance at that institution. Prevents such instituions from creating offsets to pass the cost on to students.

Senator Holly Hawthorne (R-AK)

@HollyHawthorne | Join the Freedom Caucus!

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