Nearing the Finish Line on Fair Loan Payments

Today, negotiators from both houses of Congress announced a final version of the College Cost Reduction and Access Act (H.R. 2669), which includes a new Income Based Repayment plan modeled on our Plan for Fair Loan Payments. Final votes on the legislation are expected in both chambers in the next several days, after which the bill will be sent to the president for his signature.

The bill adopts the percentage-of-income cap on loan payments that we proposed, and ensures that student debts are not extended indefinitely. The new program is available for past, present, and future borrowers, whether they attended undergraduate school or graduate and professional school.

This represents a major step forward in U.S. student loan policy, a development that would not have been possible without the support and encouragement of allies like you all across the country.

If you are interested in more details, we have developed two new fact sheets about the bill and about IBR:
Key Provisions in H.R. 2669 and Fair Loan Payments in H.R. 2669.