To protect student loan borrowers and America’s taxpayers, U.S. Rep. Don Bacon (R-NE) is cosponsoring a Republican-led bill that would streamline and improve the federal student loan repayment system.
“This fiscally responsible alternative to President Biden’s plan will be a critical step towards fixing our student loan system and will provide a path for 40 million borrowers to pay back their loans,” Rep. Bacon said.
The Federal Assistance to Initiate Repayment (FAIR) Act, H.R. 4144, which U.S. Rep. Burgess Owens (R-UT) sponsored on June 15, aims to simplify the repayment process, end ballooning loan balances, provide repayment assistance, and offer targeted student loan relief, according to a bill summary provided by Rep. Bacon’s staff.
“I do not support forcing the 83 percent — or four out of five Americans — who don’t have student loan debt from carrying the burden of those who do,” said Rep. Bacon. “However, we can work to help those borrowers pay back their loans as they indicated they would when signing the documents.”
For example, Rep. Bacon said lawmakers can look at making interest rates more competitive and building payment plans for those who have fallen behind.
“I also think we can promote alternatives to four-year degrees, such as trade schools or earning free college by serving in our all-volunteer military,” said the congressman. “I earned two degrees during my three decades in the Air Force.”
Rep. Bacon on July 11 signed on as a cosponsor of H.R. 4144, which is under consideration in the U.S. House Education and the Workforce Committee. The bill currently has a total of seven GOP cosponsors.