Here's the biggest one. There will be a reduction in the maximum percentage of a borrower's income that they will need to pay per month for a loan and a reduction in the number of years until the debt is wiped out.
Colleges are going to be looking at this and deciding they can charge whatever they want - no one is ever going to have to pay it back. Whatever limits are in these laws (sorry, rules, this isn't a law), they will charge up to those limits, whatever loopholes there are in these rules, they will find them.
Take a look at how law schools are working the existing loan forgiveness programs. That's going to be every college now. I'm too old to switch careers, and I'm not a psychopath, but this makes me want to completely drop any moral scruples I have and get into the education fraud business. People are going to get filthy, and technically legally, rich.
Colleges are going to be looking at this and deciding they can charge whatever they want - no one is ever going to have to pay it back. Whatever limits are in these laws (sorry, rules, this isn't a law), they will charge up to those limits, whatever loopholes there are in these rules, they will find them.
Take a look at how law schools are working the existing loan forgiveness programs. That's going to be every college now. I'm too old to switch careers, and I'm not a psychopath, but this makes me want to completely drop any moral scruples I have and get into the education fraud business. People are going to get filthy, and technically legally, rich.