Restoring College Access and Affordability Act
Sponsored By: Senator Blumenthal, Richard [D-CT]
Introduced
Summary
This bill would roll back post‑2021 changes to student loans and Pell grants and replace eligibility rules while also adding a new tax on private college endowments. It targets repayment rules, program eligibility, and college finances with separate fixes and taxes.
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Bill Overview
Analyzed Economic Effects
5 provisions identified: 2 benefits, 2 costs, 1 mixed.
Restore borrower defense and closed‑school relief
If enacted, the bill would restore earlier rules for borrower defense claims and closed‑school discharges. Borrowers with eligible claims would be able to seek relief sooner. The change would take effect upon enactment.
Restore Pell Grant eligibility rules
If enacted, Pell Grant rules would return to how they worked before P.L.119‑21. Low‑income students could see wider Pell eligibility or better treatment of other grants. The change would take effect upon enactment.
Restore older federal student loan rules
If enacted, this bill would undo several post‑2021 student loan changes. It would restore pre‑2021 loan limits and repayment rules. It would remove newer forbearance and deferment changes and reverse recent Public Service Loan Forgiveness updates. These changes would take effect upon enactment.
1.4 percent tax on college endowments
If enacted, the bill would set the private college endowment tax rate at 1.4 percent. It would replace the variable "applicable percentage" with a fixed 1.4 percent rate. The change would apply to taxable years beginning after December 31, 2025. Private colleges and their tax administrators would see clearer tax calculations and higher predictable tax costs.
Which college programs count
If enacted, the bill would redefine which programs are "covered educational programs" for federal aid rules. It would include certificate programs for job training, associate and bachelor degrees, and graduate programs. Some programs could become newly subject to earnings‑based ineligibility, while others could be clarified or protected.
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
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov