A bipartisan legislation from Sen. Elizabeth Warren (D-MA) and Rep. Joe Barton (R-TX) aims to help students graduate from college and pay off their student loans over the course of their careers.
The bill, which is expected to be signed into law next week, is the latest step by Warren and Barton in an effort to help borrowers repay their loans, and the first time the two have sought to address the issue.
The bill, the Student Debt Free College Act of 2018, would require colleges to make loans to students who complete their degree in order to pay for living expenses.
The legislation would also allow students to defer payments until their graduates’ first paycheck, which would reduce the amount of money that they owe.
The proposal also would help families of borrowers with children who are studying in college by giving them the option to make payments over time, which could make a difference for many families.
In the past, Congress has passed bills that sought to help struggling borrowers.
For example, in the 2016 debt ceiling standoff, the House passed a bill that offered a “payment assistance” program to borrowers who were unable to pay their loans back on time.
But the Warren-Barton bill, unlike the previous two bills, would be a standalone bill.
The Warren-GOP plan would also provide federal funding to colleges for a portion of the cost of tuition that students could take out of their own pockets.
The funding would come from the Higher Education Opportunity Act, a bill passed in 2016 that allowed students to use their parents’ 529 accounts and other federal student loans to pay the tuition they paid.
This bill would also give colleges the ability to require student loan borrowers to pay fees at least 90 percent of their annual cost of attendance.
“This is a big step in the right direction,” Warren told Politico.
“I’ve been saying for a long time that the college loan crisis has to end.
We need to get our college debt-free.””
This bipartisan effort will help millions of students graduate on time,” Barton said in a statement.
“It will help students who are struggling and struggling again.
It will help parents who are burdened with student debt and it will help the economy.
And it will finally end this dangerous cycle of student loan default that has created a generation of debtors.
It’s a win-win for everyone.”