WASHINGTON, D.C.- U.S. Rep. Don Bacon, Nebraska's second congressional district representative, announced that he would be co-sponsoring House Resolution 4144, or the Federal Assistance to Intiaite Repayment Act, a bill that, according to the Congressman, will help "simplify the repayment process, end ballooning loan balances, provide repayment assistance, and provide targeted student loan relief." As laid out in the bill, student loan borrowers would only have to pay back 10 years’ worth of interest accrual, and interest would stop increasing after ten years, should the borrower fail to pay the loan in full within 10 years.

On top of that, the bill would also forgive unpaid interest for those earning below 300 percent of the federal poverty level if they are enrolled in an income-based repayment plan and complete the payment schedule. "This fiscally responsible alternative to President Biden's plan will be a critical step towards fixing our student loan system," said Bacon, "and will provide a path for 40 million borrowers to pay back their loans."

Bacon was previously an outspoken opponent of President Biden's now-defunct student loan forgiveness plan, which was shot down earlier this month by the Supreme Court. "I do not support forcing the 83% of Americans who don't have student loan debt from carrying the burden of those who do," he said. Instead, Bacon indicated that he was more interested in establishing more robust and feasible payment plans for those who have fallen behind on payments, a goal he will pursue through HR4144.

For the full article click HERE