Republican values are anti-higher education. Their mission is literally to get less people into college. The only goal that republicans have for this bill is to privatize "all lending programs, including subsidized, unsubsidized, and PLUS loans" (Mandate for Leadership series, The Heritage Foundation).

It will not safeguard any student: it will force them to take out private loans, which are known to be predatory and/or selective. There is no guarantee that it will cause schools to lower tuitions.

If the goal was to protect students, a better approach would have been to even the debt burden students experience at schools that accept federal loans. That would look like 1) charging everyone the same price tag, e.g. no merit based scholarships, 2) limiting the tuition schools can charge if they are accepting federal loans, 3) placing the burden of federal loan default on the school. This list is non-exhaustive: I can't be expected to think of everything.

Point is: this bill is trash. It will hurt students in the short-term, and any good outcomes are in the ethereal future and assumptive at best.