Photo: Bebeto Matthews / AP

House members are set to put forward a higher-ed revamp this week, including instituting borrowing caps and eliminating some loan forgiveness programs in the $1.34 trillion federal student loan program, the Wall Street Journal reported.

Why it matters: Republicans wrote the bill without any Democratic input, according to Democratic congressional aides who said they have yet to even see the text of the bill. Based on what has been reported, aides told Axios Democrats on the committee will oppose what they see as a harmful bill, and they expect backlash from most of the higher education community except for-profit universities.

Big picture: This would be the most significant overhaul of education policy in years, deregulating parts of the industry and adding incentives for universities to ensure students graduate with skills that will land them a job and promoting other educational paths besides traditional universities.

The bill would also:

  • Force schools to pay back federal loans that a student is not able to pay post-graduation.
  • Provide more funding to community colleges who partner with the private sector to create apprenticeships.
  • Eases up on for-profit colleges, allowing equal access to federal aid for profit and non profit schools and eliminating the gainful employment regulation on for-profits.
  • End loan-forgiveness programs for public-service employees.
  • End the program that sets monthly payments based on income for private-sector workers.
  • Simplify the FAFSA application process.

What's next: The Congressional Budget Office is expected to give the bill a score this week, according to WSJ. But the bill will probably take about a year to make its way through Congress, and will likely see major changes before making it into law.

Go deeper

"Hamilton" is a streaming hit for Disney+

Data: Google Trends; Chart: Andrew Witherspoon/Axios

The debut of "Hamilton" on Disney+ last Friday sent downloads of the app soaring over the weekend.

Why it matters: With theaters closed until 2021, "Hamilton" is the biggest litmus test for whether Broadway will ever be able to successfully transition some of its iconic hits.

Wall Street is no longer betting on Trump

Illustration: Sarah Grillo/Axios

Betting markets have turned decisively toward an expected victory for Joe Biden in November — and asset managers at major investment banks are preparing for not only a Biden win, but potentially a Democratic sweep of the Senate and House too.

Why it matters: Wall Street had its chips on a Trump win until recently — even in the midst of the coronavirus-induced recession and Biden's rise in the polls.

With new security law, China outlaws global activism

Illustration: Eniola Odetunde/Axios

The draconian security law that Beijing forced upon Hong Kong last week contains an article making it illegal for anyone in the world to promote democratic reform for Hong Kong.

Why it matters: China has long sought to crush organized dissent abroad through quiet threats and coercion. Now it has codified that practice into law — potentially forcing people and companies around the world to choose between speaking freely and ever stepping foot in Hong Kong again.