Concurrent Resolution on the Budget, Fiscal Year 2016 -- Continued

Floor Speech

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Mr. KING. Mr. President, I rise to urge my colleagues to support the
Burr-King amendment No. 622, which creates a deficit-neutral reserve
fund to reduce overlapping student loan repayment programs.

The student repayment system is a mess right now. There are nine
different alternatives and they are very confusing. Even the names are
confusing. There is the income-based repayment, the income-contingent
repayment, the income-sensitive repayment, and the pay-as-you-earn
repayment. In other words, it is very complicated and it is one of the
things that makes it confusing and hard for students.

Senator Burr and I have introduced this amendment in order to
simplify this decision. Basically we have taken suggestions from
individuals--students, institutions, as well as the President--to
simplify the loan repayment provision to reduce it to basically two
options, a fixed repayment over 10 years or an income-related repayment
over a longer period of time.

I urge my colleagues to vote for this amendment. I believe it is an
overdue simplification of this process, and I believe it will enable
the students of America to deal with this issue in a more constructive
way.

I thank the Presiding Officer.

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