WASHINGTON, D.C. – In advance of the President’s announcement today that he will take executive action to improve the student loan repayment process, U.S. Senator Angus King (I-Maine), co-author of legislation to simplify borrower repayment options, released the following statement:

“The complicated maze of loan repayment programs is confusing to students and their families, and can often result in students falling behind on their payments – or, in the worst case scenario, defaulting on their loans. That’s a losing situation for both the students and for the taxpayers who have to foot the bill,” Senator King said. “It’s encouraging to hear the President talk about improving the repayment process, and I agree with much of what he will outline, but it’s only a partial fix. Congress can and should simplify this web of programs and move forward with other needed reforms, like streamlining income-based repayment options. That’s why I believe we must consider common-sense, bipartisan solutions like my Repay Act without delay.”

In January, Senator King, along with Senator Richard Burr (R-N.C.), introduced the Repay Act which would simplify federal student loan repayment programs by consolidating many of the benefits of current repayment programs into two plans: a fixed repayment plan, based on a 10-year period, and a single, simplified income-driven repayment option.

In remarks scheduled for 1:30 p.m. today at Georgia Tech, the President is expected to present a “Student Aid Bill of Rights” stating that all students should be able to access and afford higher education. As part of this announcement, the President is also expected to put forth a Presidential Memorandum directing federal agencies to make student loan repayment easier and more equitable.

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