U.S. Sen. Angus King of Maine is trying again to bring changes to student loan repayment that he says would be simpler for borrowers.
King, an independent, and Republican Sen. Richard Burr of North Carolina said Thursday they have proposed reforms to streamline the federal student loan repayment process. The legislation would create two repayment plans, one of which would be a fixed, 10-year repayment plan, the senators said.
The senators said the other repayment method would be a “single, simplified income-driven repayment option.” They said the two options would be easier to navigate and more predictable for students and families.
King and Burr said student loan borrowers currently must contend with a “maze of options” that confuses students and makes poor use of taxpayer dollars.
The senators said the proposal would also set limits for the amount of debt that can be forgiven over time.
King and Burr have introduced the legislation twice previously, in 2015 and 2017.
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