Bonamici, McBath, Wild Introduce Safety Net for Student Loan Borrowers
Statement
Today Congresswomen Suzanne Bonamici (D-OR), Lucy McBath (D-GA), and Susan Wild (D-PA) introduced legislation to provide a safety net for student loan borrowers who are about to enter repayment.
The Department of Education's COVID-19 pause on student loan repayment is scheduled to end on Feb. 1, 2022, after lasting nearly two years. The Student Loan Borrower Safety Net Act of 2021 would help borrowers during the transition period by requiring increased outreach from lenders, providing protection for borrowers who miss payments, and more.
"The pause on student loan repayment for the COVID-19 pandemic has been a lifeline for borrowers in Oregon and across the country," said Congresswoman Suzanne Bonamici. "As the pause ends and payments resume, borrowers should be protected from the worst effects of missing payments, whether unintentionally or because of financial distress. The Student Loan Borrower Safety Net Act will provide borrowers with the help they need in this time of transition."
"Students in Georgia and across our country have endured unimaginable difficulty over the last few years, and the student loan repayment pause served as needed relief in these difficult times," said Congresswoman Lucy McBath. "As these payments come due once again, our work in Congress should support those seeking educational success. Our bill is an important step in protecting our student borrowers and helping safeguard their financial futures. I'm proud to lead this bill with my colleague Congresswoman Bonamici, helping to ensure America's college students and graduates secure their financial health."
"Students across the country deserve support and clarity about their student loan payments, especially as we emerge from the worst of the pandemic," said Congresswoman Susan Wild. "I am proud to support this legislation to ensure that borrowers have the best information possible about their debt obligations, and to help prevent Americans from defaulting on their loans."
Source