[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 4269 Introduced in Senate (IS)]
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119th CONGRESS
2d Session
S. 4269
To repeal certain student loan provisions, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
March 26, 2026
Mr. Blumenthal (for himself, Mr. Lujan, Mr. Booker, Mr. Merkley, Ms.
Alsobrooks, and Mr. Kaine) introduced the following bill; which was
read twice and referred to the Committee on Finance
_______________________________________________________________________
A BILL
To repeal certain student loan provisions, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Restoring College Access and
Affordability Act''.
SEC. 2. LOAN LIMITS.
Section 81001 of the Act titled ``An Act to provide for
reconciliation pursuant to title II of H. Con. Res. 14'' (Public Law
119-21; 139 Stat. 72) is repealed and any law or regulation referred to
in such section shall be applied as if such section and the amendments
made by such section had not been enacted.
SEC. 3. LOAN REPAYMENT.
(a) Loan Repayment.--Section 82001 of the Act titled ``An Act to
provide for reconciliation pursuant to title II of H. Con. Res. 14''
(Public Law 119-21; 139 Stat. 72) is repealed and any law or regulation
referred to in such section shall be applied as if such section and the
amendments made by such section had not been enacted.
(b) Deferment; Forbearance.--Section 82002 of the Act titled ``An
Act to provide for reconciliation pursuant to title II of H. Con. Res.
14'' (Public Law 119-21; 139 Stat. 72) is repealed and any law or
regulation referred to in such section shall be applied as if such
section and the amendments made by such section had not been enacted.
(c) Public Service Loan Forgiveness.--Section 82004 of the Act
titled ``An Act to provide for reconciliation pursuant to title II of
H. Con. Res. 14'' (Public Law 119-21; 139 Stat. 72) is repealed and any
law or regulation referred to in such section shall be applied as if
such section and the amendments made by such section had not been
enacted.
SEC. 4. PELL GRANTS.
(a) Eligibility.--Section 83001 of the Act titled ``An Act to
provide for reconciliation pursuant to title II of H. Con. Res. 14''
(Public Law 119-21; 139 Stat. 72) is repealed and any law or regulation
referred to in such section shall be applied as if such section and the
amendments made by such section had not been enacted.
(b) Federal Pell Grant Exclusion Relating to Other Grant Aid.--
Section 83004 of the Act titled ``An Act to provide for reconciliation
pursuant to title II of H. Con. Res. 14'' (Public Law 119-21; 139 Stat.
72) is repealed and any law or regulation referred to in such section
shall be applied as if such section and the amendments made by such
section had not been enacted.
SEC. 5. INELIGIBILITY BASED ON LOW EARNING OUTCOMES.
Section 454(c) of the Higher Education Act of 1965 (20 U.S.C.
1087d(c)) is amended--
(1) in paragraph (1)--
(A) by striking ``Notwithstanding section 481(b),''
and inserting the following:
``(A) In general.--Notwithstanding section
481(b),'';
(B) by striking ``an educational program'' and
inserting ``a covered educational program''; and
(C) by adding at the end the following:
``(B) Covered educational program.--In this
subsection, the term `covered educational program'
means an eligible program under this title that is--
``(i) a program of training to prepare
students for gainful employment in a recognized
occupation (such as a program that awards a
certificate or credential), or a program that
awards an associate's degree;
``(ii) a program that awards an associate's
degree or a baccalaureate degree; or
``(iii) a program that awards a graduate or
professional degree, or graduate
certificate.'';
(2) in paragraph (2), by striking ``An educational program
at an institution is described in this paragraph if the program
awards an undergraduate degree, graduate or professional
degree, or graduate certificate, for which'' and inserting ``A
covered educational program at an institution is described in
this paragraph if the program is a program for which'';
(3) in paragraph (3)--
(A) in subparagraph (A)--
(i) in the matter preceding clause (i), by
striking ``an educational program'' and
inserting ``a covered educational program'';
(ii) in clause (iii)(I), by striking ``an
educational program that awards a baccalaureate
or lesser degree,'' and inserting ``a covered
educational program described in clause (i) or
(ii) of paragraph (1)(B),''; and
(iii) in clause (iii)(II), by striking ``a
graduate or professional program,'' and
inserting ``a covered educational program
described in clause (iii) of paragraph
(1)(B),''; and
(B) in subparagraph (B)--
(i) in the matter preceding clause (i), by
striking ``an educational program'' and
inserting ``a covered educational program'';
(ii) in clause (i), in the matter preceding
subclause (I), by striking ``that awards a
baccalaureate or lesser degree'' and inserting
``that is a covered educational program
described in clause (i) or (ii) of paragraph
(1)(B),''; and
(iii) in clause (ii), in the matter
preceding subclause (I), by striking ``that is
a graduate or professional program'' and
inserting ``that is a covered educational
program described in clause (iii) of paragraph
(1)(B),'';
(4) in paragraph (4)--
(A) by striking ``an educational program'' and
inserting ``a covered educational program''; and
(B) by inserting ``covered'' before ``educational
programs'';
(5) in paragraph (5)--
(A) by striking ``An educational program'' and
inserting ``A covered educational program''; and
(B) by striking ``the educational program'' and
inserting ``the covered educational program'';
(6) in paragraph (6)(A)--
(A) by striking ``an educational program'' and
inserting ``a covered educational program''; and
(B) by striking ``the educational program'' and
inserting ``the covered educational program'', each
place the term appears; and
(7) in paragraph (7), by striking ``an educational
program'' and inserting ``a covered educational program''.
SEC. 6. REGULATORY RELIEF.
(a) Delay of Rule Relating to Borrower Defense to Repayment.--
Section 85001 of the Act titled ``An Act to provide for reconciliation
pursuant to title II of H. Con. Res. 14'' (Public Law 119-21; 139 Stat.
72) is repealed and any law or regulation referred to in such section
shall be applied as if such section and the amendments made by such
section had not been enacted.
(b) Delay of Rule Relating to Closed School Discharges.--Section
85002 of the Act titled ``An Act to provide for reconciliation pursuant
to title II of H. Con. Res. 14'' (Public Law 119-21; 139 Stat. 72) is
repealed and any law or regulation referred to in such section shall be
applied as if such section and the amendments made by such section had
not been enacted.
SEC. 7. MODIFICATION OF EXCISE TAX ON ENDOWMENT INCOME OF PRIVATE
COLLEGES AND UNIVERSITIES.
(a) In General.--Subsection (a) of section 4968 of the Internal
Revenue Code of 1986 is amended by striking ``the applicable
percentage'' and inserting ``1.4 percent''.
(b) Conforming Amendments.--
(1) Section 4968 of the Internal Revenue Code of 1986 is
amended by striking subsection (b) and by redesignating
subsections (c), (d), (e), (f), (g), and (h) as subsections
(b), (c), (d), (e), (f), and (g), respectively.
(2) Subsection (e) of section 4968 of such Code is amended
by striking ``(c) and (d)'' and inserting ``(b) and (c)''.
(3) Paragraph (1) of section 4968(g) of such Code is
amended by striking ``(d) and (f)'' and inserting ``(c) and
(e)''.
(4) Subsection (o) of section 6033 of such Code is
amended--
(A) by striking ``4968(c)'' both places it appears
and inserting ``4968(b)'', and
(B) by striking ``4968(e)'' in paragraph (2)
thereof and inserting ``4968(d)''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after December 31, 2025.
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