Virginia Foxx: “Our postsecondary education system is in dire straits. Reforms are more necessary now than ever. To start with…”

“Our postsecondary education system is in dire straits. Reforms are more necessary now than ever. To start with, income-driven repayment plans have left millions of borrowers trapped under a mountain of interest. Many of these borrowers have done everything right. They have been faithful to make their monthly payments, yet years later find they have made little to no progress on their principal. This can be extremely frustrating, especially for those who realize they have already paid back the original cost of the loan. This is the kind of problem that needs to be fixed. It is critical that we address the structural problems that plague our postsecondary education financing system for the students of tomorrow, but it is also crucial that we address the problems it has caused for the students who have already been harmed today. That is why House Republicans put in the work and offered a solution that fixes this broken system. That solution begins with the REAL Reforms Act. This legislation protects the interests of students and taxpayers by providing targeted relief for borrowers currently struggling while implementing lasting reforms to ensure it doesn't happen to future borrowers. This legislation also implements reforms to simplify the number of repayment options and caps unlimited graduate lending while ensuring college remains accessible and affordable to all Americans, regardless of their financial circumstances.…”