(This editorial is published by the Spartan Echo from a United States Senate press release.)
Proposals will improve student protections and ensure efficiency among federal agencies
WASHINGTON – U.S. Sen. Mark R. Warner (D-VA), who has been a leader in several bipartisan Congressional efforts to help borrowers better manage their student loan debt, released the following statement praising the Administration’s proposals to improve student loan repayment options:
“I’m very pleased the Administration has laid out proposals to ensure borrowers have the information and flexibility they need to pay back their loans in a manageable way. I will continue to push for multi-year recertification for income-driven repayment plans, better data sharing among federal agencies, and a path forward for a streamlined defense-to-repayment process. I look forward to working to ensure these worthwhile proposals are a reality for students in Virginia and across the nation,” Warner said.
Earlier this year, Sen. Warner joined a bipartisan group of colleagues to introduce the Repay Act, which would simplify the complex maze of federal student loan repayment programs by consolidating many of the benefits of current repayment programs into two plans: a fixed repayment plan, based on a 10-year period, and a single, simplified income-driven repayment option.
In the previous Congress, Sen. Warner introduced the bipartisan Dynamic Student Loan Repayment Act to consolidate, simplify, and improve income-based repayment options. In addition, he proposed the bipartisan Employer Participation in Refinancing Act to help employers recruit and retain employees by allowing them to apply pre-tax earnings to help pay student loan debt. In addition, Sen. Warner was an original sponsor of the Student Right to Know Before You Go Act, which would provide significant additional information to help students as they make decisions about which school to attend, and which academic majors and career paths to pursue.
The report from the Department of Education, the Treasury Department, and the Consumer Financial Protection Bureau compiles the federal agencies’ recommendations for student loan reform, including statutory changes and improved uses of administrative data.