Students expecting to borrow money from the government to pay for their college education could be in for a big surprise if a proposed bill known as the Prosper Act — which aims to consolidate federal grants — is approved.
The bill will, in effect, cut by more than half the maximum amount of money many undergraduate students can borrow.
While students can currently borrow up to $55,500 if they are independent or $31,000 as dependents, if passed the bill will reduce those amounts to $14,500 for independent students and $7,500 for dependent students. In California, the amount borrowed cannot surpass the total cost of attendance.
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