Speaking about the RAP plan, Mayotte says that “for some borrowers that plan is going to be more beneficial than the existing plan, and for others it’s going to be less beneficial. It really depends on how much they owe, when they took their loans out, and what their income is … For the borrowers who have really high debt and likely will always have fairly low income compared to their debt, the RAP is better.”
She is critical, however, of the RAP plan’s 30-year forgiveness timeline, which she says is “alarming” and could have significant long-term consequences for borrowers’ finances, or their retirement.
In terms of the new loan limits, meanwhile, proponents of the One Big Beautiful Bill argue that the caps will pressure colleges to lower costs and discourage students from borrowing beyond their means.
Aissa Canchola Bañez, director of policy at the nonprofit advocacy organization Protect Borrowers, tells TIME that they will instead compel students to take out loans from private lenders, however.