U.S. Sen. Lisa Murkowski (R-AK) recently offered two bipartisan bills that aim to tackle rising college costs by addressing student loans.
“I am well aware of the ever-rising cost of college and the barriers that young people face in affording post-secondary education, which is why I’ve made it a priority to help make pursuing these opportunities a more attainable reality for all Alaskans,” Sen. Murkowski said on Monday. “The opportunity to learn and pursue a degree or job skills should never be hampered by the fear of not being able to afford school.”
The senator on Oct. 7 sponsored the State-Based Education Loan Awareness Act, S. 2984, with original cosponsors U.S. Sens. John Hoeven (R-ND), Jack Reed (D-RI), and Mike Braun (R-IN) to eliminate deterrents and penalties that prevent universities from informing students about student loans offered by non-profit, state-agency lenders, according to a summary provided by Sen. Murkowski’s staff.
“It is important that we enable colleges to help students seek out affordable loans offered by the non-profit state agencies created to serve them once they have exhausted their federal student aid options,” said Sen. Murkowski, adding that S. 2984 “will open up greater opportunities for the next generation of learners.”
Also on Oct. 7, Sen. Murkowski sponsored the Student Loan Repayment Freedom Act, S. 2976, with cosponsors Sens. Braun and Reed to allow borrowers to switch from one income-based repayment plan to another without first having to make a payment under Standard repayment or go into forbearance, according to the bill’s summary.
“Many federal student loan borrowers sign up for one of the income-based repayment plans, only to realize that as their circumstances change, another plan would better meet their needs,” Sen. Murkowski said. “Unfortunately, the Department of Education requires borrowers to first move to Standard repayment, fill out reams of paperwork, and wait for their loan servicer to process that paperwork.”
If enacted, S. 2976 “aims to simplify that process, giving borrowers the ability to move from one plan to another that best suits their needs, with the least amount of hassle,” Sen. Murkowski said. “We need to make the process of repaying federal student loans as easy and stress-free as possible. This legislation gives us the opportunity to do just that.”
Both pieces of legislation have garnered support from the Alaska Commission on Postsecondary Education, the Education Finance Council, and the University of Alaska.