Big changes could be coming down the pipeline for the 44 million Americans with student debt.
, which controls the shape and scope of federal student aid, is updated. It's gone more than a decade without a tweak this round, making the changes likely to be rolled out next year highly anticipated."I think it's a really constructive first step toward reauthorization," said, president of the Institute for College Access & Success. "There's a lot of potential common ground in the bill, particularly around student loan issues.
Republicans and Democrats have shown interest in reducing the number of repayment plans to just two — there are currentlyOne plan would simply spread a borrower's monthly payments across a decade. The other would cap monthly payments at a percentage of a borrower's income, and their repayment timeline could be 20 or more years.
There is also bipartisan support for eliminating the origination fees on student loans. "It doesn't make sense that if you borrow $1 for college, the check is actually 99 cents," Kvaal said. Democrats want to cut interest rates on student loans and make it easier for borrowers to refinance their debt. They also want to allow people who've climbed out of default to get their credit reports cleared of the incident.
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