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Ranking Member Scott Applauds Administration’s Progress to Reduce Student Loan Debt by Fixing Income-Driven Repayment
02.10.23 WASHINGTON - Today, Ranking Member Bobby Scott (VA-03) applauded Secretary of Education Miguel Cardona for the Department’s proposed rule to reform the Income-Driven Repayment (IDR) system. The proposed reforms make the IDR program more generous for low-income borrowers, automatically enrolls delinquent borrowers in the IDR program, sunsets old IDR plans, and eliminates monthly accrual of interest to borrowers. “I am encouraged by the Department’s proposed rule, which makes significant change… Continue Reading
Ranking Member Scott Praises ED Proposal to Reduce Student Loan Debt
01.10.23 WASHINGTON - Ranking Member Robert C. “Bobby” Scott (VA-03) issued the following statement after the Biden-Harris administration released a proposed rule to improve the Income-Driven Repayment program—which allows borrowers to reduce their monthly repayment amounts, extend repayment periods, and have their loans forgiven after 20-25 years of repayment—by modifying its Revised Pay As You Earn plan. “Today’s announcement marks a major victory for student loan borrowers and will help address the l… Continue Reading