April 19, 2022

Warren, Brown, Durbin Applaud Biden Administration's Actions on Income-Driven Repayment Program

Senators Had Called on Department of Education to Fix IDR Problems with Loan Cancellation 

Washington, D.C. – Today, United States Senators Elizabeth Warren (D-Mass.), Sherrod Brown (D-Ohio), and Dick Durbin (D-Ill.) released the following statement after the Biden administration announced it will take action to address student loan servicers’ mismanagement of the income-driven repayment (IDR) program with debt cancellation: 

“This is an important step to ensure the effectiveness of our student loan cancellation programs and to enable low-income borrowers to eliminate their debt so they can buy a home, start a business, and fully participate in the economy,” said the lawmakers. “We will keep working to ensure these programs are not overly complex, fulfill their promise of forgiveness, and make it easier for all Americans to afford a quality education.”

Last week, the senators sent letters to the Consumer Financial Protection Bureau (CFPB) and the Department of Education (ED), calling on them to review student loan servicers’ reported mismanagement of the IDR program. Earlier this month, the senators successfully urged President Biden to extend the pause on federally-held student loan payments.