The purpose of the Restoring College Access and Affordability Act is to repeal certain provisions related to student loans and financial aid that were established in previous legislation. The goal is to improve access to higher education and make it more affordable for students. Key provisions of this act include the repeal of limits on student loans, changes to loan repayment options, and adjustments to eligibility for Pell Grants. Specifically, the act removes restrictions that were previously placed on loan amounts and repayment terms, allowing for more flexible options for borrowers.