S 4269

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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 Res. 14” (Public Law 119-21; 139 Stat. 72) is repealed and any law or regulation referred to in such section shall be applied as if such section and the amendments made by such section had not been enacted.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 Res. 14” (Public Law 119-21; 139 Stat. 72) is repealed and any law or regulation referred to in such section shall be applied as if such section and the amendments made by such section had not been enacted.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 Res. 14” (Public Law 119-21; 139 Stat. 72) is repealed and any law or regulation referred to in such section shall be applied as if such section and the amendments made by such section had not been enacted.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 Res. 14” (Public Law 119-21; 139 Stat. 72) is repealed and any law or regulation referred to in such section shall be applied as if such section and the amendments made by such section had not been enacted.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 Res. 14” (Public Law 119-21; 139 Stat. 72) is repealed and any law or regulation referred to in such section shall be applied as if such section and the amendments made by such section had not been enacted.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. <all>