This legislation seeks to reverse recent changes affecting federal student aid programs. It specifically repeals sections of Public Law 119-21 that imposed new restrictions on student loan limits and altered terms for loan repayment , deferment , forbearance , and Public Service Loan Forgiveness . These repeals aim to restore previous regulations and policies concerning these critical student loan provisions. The bill also targets modifications to the Pell Grant program , repealing sections that affected eligibility criteria and the exclusion of other grant aid. This action intends to revert Pell Grant rules to their prior state, potentially expanding access or benefits for eligible students. Furthermore, it repeals provisions that delayed rules related to borrower defense to repayment and closed school discharges , suggesting an intent to expedite or reinstate protections for students. The legislation amends the Higher Education Act of 1965 by redefining "covered educational program" for ineligibility based on low earning outcomes, broadening the scope to include various degree and certificate programs. Finally, it modifies the excise tax on endowment income for private colleges and universities, setting the applicable percentage at 1.4 percent, effective for taxable years beginning after December 31, 2025.