"U.S. Reps. Suzanne Bonamici (D-OR) and Brian Fitzpatrick (R-PA) are sponsoring a bill to help student loan borrowers avoid default. The Streamlining Income-driven, Manageable Payments on Loans for Education (SIMPLE) Act would automatically enroll struggling borrowers in income-driven repayment plans so they can repay based on financial ability," Financial Regulation News reports.
..."The bill has been endorsed by the National Association of Student Financial Aid Administrators (NASFAA), the Institute for College Access & Success (TICAS), Third Way, and New America.
'Income-driven repayment (IDR) plans offer a lifeline for millions of student loan borrowers, making repayment more affordable and helping struggling borrowers avoid default,' NASFAA President and CEO Justin Draeger said. 'Unfortunately, the complexities of enrolling and remaining in IDR keep many vulnerable borrowers from accessing this important safety net. The SIMPLE Act would expand access to affordable income-driven repayment options by automatically enrolling struggling borrowers in IDR plans before they experience the punitive consequences of default. The bill also eliminates burdensome annual paperwork requirements, making it easier for borrowers to remain enrolled in IDR. The financial aid community stands in support of this bill.'"
NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.
Publication Date: 7/29/2022