New Bipartisan SIMPLE Act Would Significantly Reduce Federal Student Loan Defaults

In a strong show of bipartisan effort, Representatives Suzanne Bonamici (D-OR), Ryan Costello (R-PA), Patrick Meehan (R-PA), Seth Moulton (D-MA), and Senator Ron Wyden (D-OR) introduced legislation in both the House and Senate that would help student loan borrowers avoid the devastation of default. At a time when one in four federal student loan borrowers are delinquent or in default on their student loans, the bipartisan SIMPLE Act makes common-sense and urgently needed improvements to make it easier for borrowers to enroll and continue making affordable payments in income-driven repayment (IDR). It also prevents totally and permanently disabled borrowers from seeing their discharged loans reinstated due to a missed deadline.