Political Quotes

“Mr. President, for two Congresses, Angus King and I have introduced bipartisan legislation to streamline and simplify student loan repayment programs. Our proposal would make the current, overly- complicated loan repayment programs easier to navigate and more predictable for both borrowers and the Federal Government. Today, students are asked to choose between nine different loan repayment plans, each with different eligibility and income requirements. The uncertainty created by too many competing options has made it nearly impossible for the Federal Government to accurately fund the program, leading to billions of dollars in budget shortfalls. Just last year, the Office of Management and the Budget said the Direct Loan Program would cost $64 billion more than previously anticipated in just a single fiscal year prior to the COVID-19 emergency. The COVID-19 emergency caused $39 billion in additional unplanned for costs to the program through congressional and administrative actions. This is unsustainable, and it is unnecessary. We need to make it easier for student borrowers to find the best repayment plan that works for them, and we need to make it easier for the Federal Government to accurately account for a program on which so many students depend. The REPAY Act would do just that, and I am here again to introduce this commonsense proposal to help all new borrowers, which represents approximately 20 percent of Federal student loan borrowers each year.…”