GOP-backed bill to hold colleges partly responsible for student loan debt advances

A bill that seeks to overhaul higher education and force institutions to have financial skin in the game by making them partly responsible for student loan debt has advanced in the Republican-controlled House.

The College Cost Reduction Act was approved by the Committee on Education & the Workforce on Jan. 31 and now must be scheduled for a full vote in the U.S. House of Representatives.

“As a society, it is time to face the music. We are scamming young Americans. College prices are skyrocketing, and college value is stagnating,” said North Carolina Rep. Virginia Foxx, chair of the committee, in her opening remarks.