New Hampshire Democratic Sen. Jeanne Shaheen is teaming up with Utah Republican Sen. Orin Hatch to introduce legislation that would hold colleges more accountable for "overwhelming" student debt.
If the bipartisan proposal passes, colleges with repayment rates that are more than 10 percent below the national average over a three-year period would lose their eligibility to participate in the federal student loan system.
The senators say the bill, titled the Student Protection and Success Act, is designed to address a 40 percent dropout rate at four-year institutions and a federal student loan default amount that stands at $110 billion.
Shaheen says the promise of a college education is eroding as more and more students drop out or graduate with a degree that doesn't lead to a good job.
