Future Forum Leads Letter to Biden Administration Supporting New Student Loan Repayment Plans
Washington, D.C.– Future Forum co-chairs Congressman Colin Allred (D-TX), Congresswoman Brittany Pettersen (D-CO), Congressman Darren Soto (D-FL), and Congresswoman Haley Stevens (D-MI) led a letter to the U.S. Secretary of Education Miguel Cardona and President Joe Biden supporting changes to federal student loan repayment plans.
The Future Forum co-chairs previously applauded these changes which will save millions of borrowers money, and save the average graduate of a four-year university about $2,000 per year compared to current plans.
The letter was additionally signed by Future Forum members Congressman Derek Kilmer (D-WA), Congresswoman Grace Meng (D-NY), Congresswoman Sara Jacobs (D-CA) and Congressman Ruben Gallego (D-AZ).
Read a copy of the letter here:
Dear President Biden and Secretary Cardona,
As members of the Future Forum Caucus, we write to express our support for the proposed modifications to the U.S. Department of Education's Revised Pay As You Earn (REPAYE) plan. Many of our constituents are among the eight million federal student borrowers who will likely benefit from the reduced loan payments and accelerated loan forgiveness in this modified income-driven repayment plan.
The Future Forum Caucus stands ready to work with you to implement this critical new program. We are pleased the proposed modifications to REPAYE will, in most instances, offer $0 monthly payments for any borrower making less than $30,600 annually, cut monthly loan payments in half for borrowers repaying their undergraduate student loans, and ensure that unpaid interest does not accumulate after making a monthly payment.
By streamlining the REPAYE plan and making it more affordable, your Administration reinforces its support for low- and middle-income borrowers. Now, borrowers will have a greater ability to advance their education without being saddled with overwhelming monthly student loan payments.
Thank you again for your Administration's continued support for millions of young people struggling with student loan debt. We look forward to helping the Administration support critical debt relief for federal student loan borrowers.
Download a copy of the letter here.
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About Future Forum Congressional Caucus: Established in 2015, Future Forum is a generational caucus comprised of 47 members from a diverse cross-section of the Democratic Caucus who are 50 years and younger. Future Forum represents the next generation of leaders in Congress and includes members of all ideological and identify caucuses in the House, members of the Democratic leadership, and the first Gen Z Member of Congress.
To learn more about Future Forum:https://futureforumcaucus-soto.house.gov/