The Senate approved an amendment co-sponsored by U.S. Sen Mark Warner (D-VA) to simplify student loan repayment plans and make it easier to repay student loans.
“I am pleased that the Senate voted to support this commonsense plan to simplify the bureaucratic maze of student loan repayment options,” said Sen. Warner. “It’s time to replace our complicated array of loans, subsidies, deferments, and forbearances with streamlined, improved repayment options where graduates repay what they borrow based on what they earn.”
The bipartisan budget amendment to make federal student loan repayment options more manageable was introduced by Sen. Richard Burr (R-NC) and co-sponsored by Sens. Warner, Angus King (I-ME), Lamar Alexander (R-TN), Kelly Ayotte (R-NH) and Jeanne Shaheen (D-NH).
The amendment would allow for a simplified approach to student loan repayment options that may reduce the numerous income-based repayment options that now exist. This makes student loan repayments more manageable and easier in which to enroll.
The amendment was approved on Wednesday by voice vote.
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