The Plan for Fair Loan Payments
Today, most four-year college students have to borrow to cover rising costs: two out of every three graduating seniors now have student loans. As their debt hits record levels, the rules that are supposed to protect student borrowers instead leave millions facing unaffordable payments and decades of debt. These debt burdens can harm families and threaten our nation's competitiveness in the global economy.
The goals of the Plan for Fair Loan Payments are to:
These goals are supported by thousands of students, higher education leaders, loan industry representatives, civil rights groups, Republicans and Democrats in Congress, organizations of parents, college counselors, and others.
One current proposal that meets the Plan’s core goals is the “Fair Payment Assurance” program. It is part of the Student Debt Relief Act of 2007 (S. 359), introduced in the Senate on January 22, 2007. TThis proposal parallels many of the regulatory recommendations that Plan supporters made to the Department of Education in 2006. As new policy proposals emerge, the Project on Student Debt will continue to provide updates, analyses, and opportunities to advance the goals of the Plan for Fair Loan Payments.Please join our mailing list or check back here for future updates.