Lawmakers Turn Attention to Student Loans
In efforts to alleviate the burden of student loans, policymakers have recently taken steps to introduce new laws. As part of an executive order, President Obama issued a presidential memorandum that directs the secretary of education to allow five million student loan borrowers to limit their payments at 10 percent of their incomes. The memorandum also asks the secretary of education to provide more effective communication methods and increased loan counseling for borrowers. Separately, Senator Elizabeth Warren presented the Bank on Students Emergency Loan Refinancing Act (“S. 2432”). The bill would lower rates and the costs of new loans, and cap debt burden. However, Senator Warren did not generate enough votes to move forward with S. 2432.