Cotton Unveils Bill to Lower College Tuition Cost, Reform Student Loans

Press Release

Senator Tom Cotton (R-Arkansas) today introduced the Student Loan Reform Act of 2022, a bill that will reduce the cost of tuition by holding colleges financially responsible for the loans they encourage students to take.

Specifically, the bill requires that colleges become guarantors of up to 50 percent of future federal student loans and fines colleges 25 percent of the value of future defaulted loans. This will force colleges to have a financial stake in their student's success, strongly incentivizing them to offer reasonably priced and useful degree programs.

The bill will also force any university charging over $20,000 a year for undergraduate tuition to gradually eliminate 50 percent of their administrative staff to qualify for future student loans. Bill text is here.

"America does have a student loan problem. But it's not the problem Joe Biden wants you to believe it is. The real issue with student debt today is that the cost of college tuition has skyrocketed, yet the value of a college diploma has plummeted. What's worse is the federal government created this problem by writing blank checks to colleges, with little effort to control the cost or quality of higher education. My Student Loan Reform Act of 2022 would end this academic Gilded Age, reduce the cost of tuition, and give colleges a much-needed reality check," wrote Cotton.

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