LINCOLN- A possible solution to the ongoing challenge of student loan debt has surfaced. Rep. Don Bacon of Omaha is among the members in the U.S. House of Representatives who have signed on to HR4144. The Federal Assistance to Initiate Repayment (FAIR) Act is designed to make paying back- not completely forgiving- student loan debt easier.

The FAIR Act varies greatly from President Bidens unsuccessful attempt to forgive massive amounts of student loan debt. Rep. Bacon said he believes in the FAIR Act since it would simplify the repayment process, end ballooning loan balances, provide repayment assistance and provide targeted student loan relief. The bill uses an income-based repayment system that would require borrowers to pay back 10 years' worth of interest before interest is capped.

The plan includes payment schedules and interest forgiven to those below the federal poverty level. "This fiscally responsible alternative to President Biden's plan will be a critical step toward fixing our student loan system and will provide a path for 40 million borrowers to pay back their loans," said Bacon.

For the full article click HERE