S. 1972 — Lowering Education Costs and Debt Act

This bill makes various changes to the federal student loan system, including by addressing options for student loan repayment. First, the bill requires the National Center for Education Statistics to establish a secure and privacy-protected data system that contains information about postsecondary students. Second, the bill requires the Department of Education (ED) to develop standard terminology and a format for financial aid offer forms based on recommendations from representatives of certain groups. Each institution of higher education (IHE) that participates in federal student aid programs must (1) use the standard form when offering financial aid to students, and (2) use the standard...