The Lowering Education Costs and Debt Act, introduced on Wednesday by a group of Senate Republicans, would require colleges to provide clearer information about their costs, while prospective students would receive information about their likely loan repayment burden compared with their projected income.
The legislation would also cap borrowing for graduate students, with the lawmakers arguing that generous loans have encouraged colleges and universities to ramp up their tuition costs.
The new plan comes at a crucial moment for the 43 million people with student debt.
