GOP Student Loan Plan Ends SAVE, Sets 30-Year Repayment

Gop Student Loan Plan Ends Save, Sets 30 Year Repayment

Alright, student loan borrowers — buckle up.

The GOP just dropped a bombshell plan that would totally shake up how we deal with college debt. And let’s just say… it’s not giving “debt relief,” it’s giving “more bills, more problems.”

Republicans in the House are backing a new bill that would basically stretch student loan repayment to 30 freakin’ years before you even sniff forgiveness. Yep — that’s longer than the original Friends series and every Taylor Swift album combined.

And that sweet, low-payment SAVE plan from Biden? Say goodbye. The GOP plan wants it gone. Poof. Just like your will to keep checking your loan balance.

Instead, they’re rolling out something called the Repayment Assistance Plan (RAP) — which sounds helpful but could leave borrowers paying for decades. Like, full-on grandkids-could-be-born-by-then energy.

Business Insider reports that this move is all about saving the government some serious coin — we’re talkin’ $330 billion. But at what cost? Critics say it hits low-income borrowers hardest and leaves fewer options for those already drowning in debt.

Washington Post chimed in too, saying subsidized undergrad loans would also be cut. Plus, new caps would hit grad school loans and even Parent PLUS loans. So if your folks were planning to help? Yikes.

Oh, and Pell Grants? They’re getting a makeover, too — but only if you’re taking at least six credit hours. Anything less? Don’t expect the full check.

To make colleges feel the heat, the bill demands schools pay up if their grads can’t handle loan payments. Finally, a little accountability! Looking at you, diploma mills.

Meanwhile, loan collections are coming back May 5 — so if you’re in default, the government might start dipping into your paycheck or snatching that tax refund. It’s giving “IRS, but make it personal.”

All this is part of a bigger Trump-era push to shrink the Department of Education entirely. Like, straight-up close it. Executive orders are already flying, but Congress still has the final say.

So yeah — if you’re counting on loan forgiveness or chill repayment vibes, this GOP plan is basically saying, “Not today, student.”

Let’s just hope you don’t need a PhD to survive this new system.