Political Quotes

“today, along with Senator Murkowski, we are introducing legislation to provide relief to all Federal student loan borrowers during this public health and economic crisis. The bipartisan Student Loan Fairness Act, which is also cosponsored by Senators Murkowski, Jones, and Tillis, will correct an inequity in the CARES Act that left out millions of Federal student loan borrowers from benefits to ease the burden of repayment as we continue to fight COVID-19. The CARES Act benefits are restricted to borrowers of student loans that are held by the Federal government. This leaves out the borrowers whose Federal Family Education Loans (FFEL) are still held by commercial and State agency lenders, and those with Perkins Loans that are administered by institutions of higher education. In fact, nearly 6 million borrowers were left out under the FFEL Program and another 1.9 million under the Perkins Loan Program. This disparate treatment by loan type is as confusing as it is unfair. In April, a broad group of more than two dozen organizations representing educators, borrower advocates, veterans, lenders, guaranty agencies, and student loan servicers implored Congress to remedy this inequity. They wrote, ``A Federal loan borrower--regardless of the origination of that loan, be it Part B, D, E, commercial, or government-held--should receive equal, immediate, and critical support in this unprecedented time . . .…”