Lowering Education Costs and Debt Act

The Lowering Education Costs and Debt Act establishes a national data system to track college costs, student outcomes, and graduate earnings, requiring institutions to collect standardized data on enrollment, costs, and post-graduation results. It mandates that colleges provide students with clear, standardized financial aid offers showing full costs, grants, scholarships, and loan details in plain language, with specific requirements for loan amounts and repayment terms. The bill reforms student loan repayment with a new "Revised Pay As You Earn" plan, phases out income-based repayment, and sets new borrowing limits for graduate students. It also prevents federal funding for programs where graduates earn less than those with only a high school diploma (for associate programs) or bachelor's degree (for bachelor's programs). The bill affects all institutions receiving federal financial aid and their students, with implementation beginning 4 years after enactment.