A bill to amend the Higher Education Act of 1965 to provide for institutional shared responsibility for student loan default.
Skin in the Game Act
This bill requires each institution of higher education (IHE) participating in the federal direct student loan program to pay 50% of any student loan balance that is in default for a loan that was used toward the cost of attendance at such IHE.
An IHE may not increase the costs of attendance in order to offset its liability to pay such balances.
Introduced in Senate
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
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