Polis, Hanna introduce bill to make federal student loans simple and affordable

Press Release

Reps. Jared Polis (D-CO) and Richard Hanna (R-NY) today introduced the Earnings Contingent Education Loans (ExCEL) Act, a bipartisan bill to streamline the complicated student loan process and peg graduates' repayments to an affordable percentage of their income until the loan is repaid. Under the ExCEL Act, graduates would pay nothing during periods of unemployment and would pay more throughout their careers as their incomes rise -- without any additional paperwork, since payments would be deducted automatically from their paychecks.

"Financial ruin should never be the cost of receiving a higher education, but that is the sad reality for thousands of recent graduates," Polis said. "By ensuring that graduates are always paying an affordable percentage of their income, the ExCEL Act replaces the complicated array of loans, subsidies, deferments, forbearances, and fluctuating interest rates with a simplified and manageable repayment process. This new process protects graduates when they most need it -- when they graduate from school, if they go through tough times, or if they choose a career in public service."

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