This U.S. senator says extending the student loan payment pause is 'unfair' to most Americans.
Ernst believes that extending the student loan payment pause — which collectively has saved student loan borrowers $5 billion a month — is not the best public policy. Instead, she and Sen. Chuck Grassley proposed new legislation known as the Student Transparency for Understanding Decisions in Education Net Terms Act. The STUDENT Act would:
provide student loan borrowers with an estimate of the total amount of interest they would pay over the life of their student loans;implement a standard 10-year student loan repayment plan; andWhile the STUDENT Act won’t provide student loan relief, the proposed legislation will empower student loan borrowers to make better financial decisions before borrowing a student loan.
“Students and their families should have a clear picture about the true costs associated with their loans so they can fully understand how they’ll impact their future,” Ernst said. “Providing them with the tools to know what the real deal is with their federal student loans is commonsense and will help them make informed decisions.”Biden should decide on the student loan payment pause and student loan cancellation today.
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