Congress Finalizes Bill to back help millions Pay Student Education Loans

Congress Finalizes Bill to back help millions Pay 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 meant to increase the system for repaying federal student education loans for about 8 million borrowers now enrolled in 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 plus the U.S. Department of Education, which will streamline burdensome and duplicative earnings verification demands for signing up for the plans that tie re re re payments up to a borrower’s earnings.

The provisions that are data-sharing the long term Act lay the building blocks for extra 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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