As Student Loan Payments Resume, Ranking Member Scott Highlights Education Department Resources, Reforms to Support Borrowers

Press Release

"With the return to student loan repayment underway, student loan borrowers and their families may be worried about their economic security. Thankfully, the Biden-Harris administration is here to help with resources and reforms that will facilitate a smoother transition to repayment and put millions of borrowers on a faster and more affordable path to repayment. The Saving on A Valuable Education (SAVE) plan, recently announced by the Department of Education, is the most affordable repayment plan ever offered to borrowers. This plan could allow more than one million additional low-income borrowers to make $0 payments, and it would stop loan balances from ballooning due to unpaid interest. This is the kind of investment that we need to support borrowers, their families, and our economy. I applaud the Biden-Harris administration for working extensively with stakeholders to create this plan and coordinating with grassroots organizations to help borrowers benefit from these reforms. I will continue working with the administration to provide borrowers and families with a student loan system that meets their needs."

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