A bipartisan pair of lawmakers wants to simplify lowering student-loan borrowers' monthly bills to a

[In It to Win It]

Business Insider via Yahoo News

A Democratic and Republican lawmaker are joining forces to prevent student-loan borrowers from suffering the consequences of falling behind on payments.

In July, Democratic Rep. Suzanne Bonamici and Republican Rep. Brian Fitzpatrick introduced the Streamlining Income-driven, Manageable Payments on Loans for Education (SIMPLE) Act, which is intended to help prevent borrowers from defaulting on their student loans by automatically enrolling them in income-driven repayment (IDR) plans. The plans would calculate affordable monthly payments for them based on their income with the promise of loan forgiveness after 20 or 25 years.

When a borrower defaults, it can have severe financial consequences — like wage garnishment and seizure of federal benefits like Social Security. The lawmakers' legislation would allow the Education Department to automatically monitor whether a borrower is at risk of default.

"The bipartisan SIMPLE Act will streamline the enrollment process for income-driven repayment plans, making it easier for borrowers to access affordable payments and avoid catastrophic defaults," Bonamici said in a statement. "It is unacceptable that people who invested time and resources in their education have to navigate a needlessly complicated student repayment system."

[jimfields33]

1. Just stop the interest!!!!!

Students borrowed the money and signed for it so they must pay it back. But get rid of the interest on the loan. That’s the fairest way to fix this.

[MichMan]

2. The Student Loan program was reformed in 2010 as part of the ACA

The revenues from the interest were directed to offset the costs of health care plan subsidies

[jimfields33]

3. Oh wow. Now that's a problem.

That may be why they are not sure about loan forgiveness in general too.