In July, Democratic Rep. Suzanne Bonamici and Republican Rep. Brian Fitzpatrick introduced the Streamlining Income-driven, Manageable Payments on Loans for Education (SIMPLE) Act, which is intended to help prevent borrowers from defaulting on their student loans by automatically enrolling them in income-driven repayment (IDR) plans. The plans would calculate affordable monthly payments for them based on their income with the promise of loan forgiveness after 20 or 25 years.
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