News Column

Petri: President's Student Loan Plan Moving in the Wrong Direction

June 9, 2014



WASHINGTON, June 9 -- Rep. Thomas Petri, R-Wis. (6th CD), issued the following news release:

Today, U.S. Representative Tom Petri (R-WI), a senior member of the House Education and the Workforce Committee, commented on the Obama administration's latest executive order that would expand eligibility for the President's Pay As You Earn repayment plan:

"The President's proposal moves us in the wrong direction by taking a complicated, expensive repayment option and simply expanding it. Basing payments on income makes sense, but I'm always hearing from students who need affordable payments but don't take advantage of these options because the system is too confusing and bureaucratic. At the same time, expanding forgiveness available in the current programs will likely leave taxpayers on the hook for billions in unpaid loans.

"Instead of expanding policies that aren't working, we need something different. I introduced bipartisan legislation that would ensure all students have affordable payments in a way that is simple and intuitive. My proposal would also protect taxpayers by eliminating unnecessary loan subsidies and forgiveness programs.

"Instead of using his 'pen and phone' to make these changes, the President should work with lawmakers on both sides of the aisle to repair our student loan system and help all borrowers who are struggling."

Click here (http://petri.house.gov/studentloans) to read more about Rep. Petri's student loan plan, including his bills (H.R. 1716, the ExCEL Act, and H.R. 4436, the Investing in Student Success Act) and his vision for reforming student loans (http://www.cnbc.com/id/101572836).

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Source: Targeted News Service


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