Congress Finalizes Bill to Help Millions Pay Off Student Education Loans

Congress Finalizes Bill to Help Millions Pay Off Student Education Loans

Better coordination between agencies would simplify enrollment and assistance borrowers stay static in income-driven payment plans

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Congress took action that is final 10 on legislation designed to enhance the system for repaying federal figuratively speaking for about 8 million borrowers now signed up for income-driven payment plans and people whom sign up for the near future.

The Fostering Undergraduate Talent by Unlocking Resources for Education (FUTURE) Act authorizes information sharing involving the IRS as well as the U.S. Department of Education, which may streamline burdensome and duplicative earnings verification needs for searching for the plans that tie re re re payments up to a borrower’s earnings.

The provisions that are data-sharing the near future Act lay the inspiration for additional efforts to restructure the education loan payment system to greatly help those many at an increased risk of—or currently dealing with issues with— delinquency and standard.

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