We have received text from S. 5403: Debt-Free College Act of 2026. This bill was received on 2026-09-15, and currently has 9 cosponsors.
Here is a short summary of the bill:
This bill would create several federal grant programs to help states make public college more affordable, especially for in-state students. The main program would give grants to states that agree to participate in a partnership with the federal government. States would use the money to help make public colleges and universities debt-free for in-state students by covering remaining costs that are not paid by other aid, such as tuition, fees, and other unmet financial need. The bill also supports student success programs, which may include services designed to help students stay enrolled and complete their degrees.
State requirements
To receive and keep the grants, states would have to follow several rules. They would need to:
- Keep or increase their own funding for higher education rather than replacing it with federal money.
- Limit tuition and mandatory fees at participating public colleges.
- Submit a 5-year plan showing how they will carry out the program.
- Follow federal oversight requirements.
If a state fails to meet the program rules, it could face penalties. If a state decides to leave the partnership, it would have to give 60 days’ notice. It would also need to continue funding any enrolled Pell Grant students until they finish their studies.
Other grant programs and aid changes
The bill would also create a separate debt-free college grant program for Historically Black Colleges and Universities (HBCUs) and other Minority-Serving Institutions (MSIs). This program would provide federal support to help these schools reduce or eliminate remaining college costs for students.
In addition, the bill would expand eligibility for federal Title IV student aid to certain “Dreamer” students, meaning some undocumented immigrants who were brought to the United States as children and meet the bill’s requirements could become eligible for federal student aid.
Relevant Companies
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Senator Brian Schatz Bill Proposals
Here are some bills which have recently been proposed by Senator Brian Schatz:
- S.5664: A bill to provide for the retraining and support of workers displaced by automation technologies or artificial intelligence, to require Federal action during periods of elevated unemployment, and for other purposes.
- S.5614: A bill to amend the Higher Education Act of 1965 to direct the Secretary of Education to issue guidance and recommendations for institutions of higher education on removing criminal and juvenile justice questions from their application for admissions process.
- S.5537: A bill to authorize grants for emotional support services for incarcerated victims of sexual abuse, and for other purposes.
- S.5482: A bill to amend title 18, United States Code, to establish an Office of Prison Education, and for other purposes.
- S.5414: Stop Child Labor Act
- S.5403: Debt-Free College Act of 2026
You can track bills proposed by Senator Brian Schatz on Quiver Quantitative's politician page for Schatz.
Senator Brian Schatz Net Worth
Quiver Quantitative estimates that Senator Brian Schatz is worth $4.8M, as of October 1st, 2026. This is the 175th highest net worth in Congress, per our live estimates.
Schatz has approximately $0 invested in publicly traded assets which Quiver is able to track live.
You can track Senator Brian Schatz's net worth on Quiver Quantitative's politician page for Schatz.
2028 Hawaii US Senate Election
There has been approximately $2,422,370 of spending in Hawaii US Senate elections over the last two years, per our estimates.
You can track this election on our matchup page for the 2028 Hawaii US Senate election.
This article is not financial advice. See Quiver Quantitative's disclaimers for more information.
