The Restoring College Access and Affordability Act repeals certain student loan provisions and modifies excise tax on endowment income of private.
The Restoring College Access and Affordability Act repeals provisions related to student loan repayment, deferment, forbearance, and public service loan forgiveness. It also modifies the excise tax on endowment income of private colleges and universities. The bill defines "covered educational program" as a program that prepares students for gainful employment or awards an associate's, baccalaureate, graduate, or professional degree or certificate. The changes apply to taxable years beginning after December 31, 2025.
The filed bill text is too short for analysis.