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S4269119th CongressWALLET

Restoring College Access and Affordability Act

Sponsored By: Senator Blumenthal, Richard [D-CT]

Introduced

Summary

Would reverse major student-loan and higher-education changes made by Public Law 119-21. The bill would restore prior loan limits and repayment rules, return Pell Grant eligibility to the pre-119-21 framework, remove statutory delays for borrower-defense and closed-school discharges, redefine program units under a new "covered educational program" concept, and add a new endowment-income excise tax for private colleges.

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 2 benefits, 2 costs, 0 mixed.

Restore earlier student loan rules

This bill would restore earlier federal student loan rules when it is enacted. It would put back the prior repayment rules and the old deferment and forbearance rules. It would also restore prior loan limits and earlier Public Service Loan Forgiveness paths. The bill would remove recent delays so borrower-defense and closed-school discharge relief apply sooner.

Restore Pell Grant rules for students

This bill would restore prior Federal Pell Grant eligibility rules if enacted. It would also undo a recent exclusion so Pell Grants interact with other grant aid the way they did before. If passed, more low- and moderate-income students could see changes in who qualifies or how much grant aid they get. These changes would take effect when the bill is enacted.

New rules for college program eligibility

This bill would change which programs count toward low-earning outcome tests. It would replace the term "educational program" with "covered educational program" and define that term to include certificate programs and programs awarding associate, bachelor's, or graduate degrees. If enacted, more kinds of programs could be counted when deciding if a program is ineligible because graduates have low earnings. That could affect whether some programs stay eligible for federal student aid.

Endowment tax on private colleges

This bill would set the private college endowment excise tax rate at 1.4 percent. The tax would apply to the net investment income base under current law. If enacted, the new rate would apply to taxable years beginning after December 31, 2025. This creates a recurring tax liability for affected private colleges and universities.

Sponsors & CoSponsors

Sponsor

Blumenthal, Richard [D-CT]

CT • D

Cosponsors

  • Sen. Luján, Ben Ray [D-NM]

    NM • D

    Sponsored 3/26/2026

  • Sen. Booker, Cory A. [D-NJ]

    NJ • D

    Sponsored 3/26/2026

  • Sen. Merkley, Jeff [D-OR]

    OR • D

    Sponsored 3/26/2026

  • Sen. Alsobrooks, Angela D. [D-MD]

    MD • D

    Sponsored 3/26/2026

  • Sen. Kaine, Tim [D-VA]

    VA • D

    Sponsored 3/26/2026

  • Sen. King, Angus S., Jr. [I-ME]

    ME • I

    Sponsored 4/29/2026

  • Sen. Sanders, Bernard [I-VT]

    VT • I

    Sponsored 6/11/2026

Roll Call Votes

No roll call votes available for this bill.

View on Congress.gov
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