WASHINGTON, D.C. – Today, Congresswoman Marcia L. Fudge (OH-11), introduced H.R. 4661, the Parent PLUS Loan Improvement Act of 2016 to lessen the financial burden placed on parents and families due to high-interest PLUS loans. The Act modifies the current Parent PLUS Loan program by lowering and capping the current interest rate; providing an income-based repayment option for families; and eliminating staggering origination fees.  Additionally, the bill requires loan counseling for all borrowers.

 

“As PLUS Loan interest rates continue to climb, the pursuit of higher education and the American Dream is becoming outrageously expensive.  Congress must act to ensure parents and families aren’t crippled by staggering college costs,” said Congresswoman Fudge.  “The Parent PLUS Loan Improvement Act of 2016 provides much-needed relief for Parent PLUS Loan holders nationwide.”

 

According to the U.S. Department of Education, more than 3 million Parent PLUS borrowers owed nearly $62 billion in 2014, or about $20,000 per borrower. Total outstanding student loan debt in the U.S. is now $1.3 trillion.  

 

"UNCF, our 37 member institutions and, indeed, the entire community of historically black colleges and universities (HBCUs) appreciate Congresswoman Fudge's outstanding leadership to improve this education loan program that helps nearly 700,000 parents fill the financial aid gap.  The Parent PLUS Loan Improvement Act of 2016 is greatly needed and Congress should act quickly to approve it,” said Dr. Michael L. Lomax, President and CEO, United Negro College Fund.

 

"The Thurgood Marshall College Fund applauds Congresswoman Fudge for introducing legislation that would lower the interest rate on Parent PLUS Loans and make income-based repayment an option for PPL program participants.  Students and families need more affordable education loan options to bolster college completion and manageable loan repayment," said Johnny C. Taylor, Jr., President and CEO, Thurgood Marshall College Fund.

 

“On behalf of the nation’s 105 HBCUs, 50 PBIs, and the 500,000 students that are enrolled in these institutions, I thank Congresswoman Fudge for her leadership in moving us toward a more permanent fix for the Parent PLUS Loan debacle. This bill improves key provisions of the Higher Education Act and makes college more affordable for students and families,” said Dr. Lezli Baskerville, Executive Director, the National Association for Equal Opportunity in Higher Education.

 

As Ranking Member of the Subcommittee on Early Childhood, Elementary and Secondary Education, Congresswoman Fudge believes every student should have access to higher education.  She is dedicated to working with her Congressional colleagues to pass this important bill and increase financial stability for all of America’s families. The Parent Plus Loan Improvement Act of 2016 is co-sponsored by Congressman Ruben Hinojosa (TX-15), Congressman Cedric Richmond (LA-2), Congresswoman Corrine Brown (FL-5), Congresswoman Stacey Plaskett (USVI), Congressman Marc Veasey (TX-33), Congressman Bennie Thompson (MS-2), Congressman Joe Courtney (CT-2), Congressman Mark Takano (CA-41), and Congresswoman Frederica Wilson (FL-24).

 

Read the text of the bill here.

 

Read frequently asked questions here.

 

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             ###WASHINGTON, D.C. – Today, Congresswoman Marcia L. Fudge (OH-11), introduced H.R. 4661, the Parent PLUS Loan Improvement Act of 2016 to lessen the financial burden placed on parents and families due to high-interest PLUS loans. The Act modifies the current Parent PLUS Loan program by lowering and capping the current interest rate; providing an income-based repayment option for families; and eliminating staggering origination fees.  Additionally, the bill requires loan counseling for all borrowers.

 

“As PLUS Loan interest rates continue to climb, the pursuit of higher education and the American Dream is becoming outrageously expensive.  Congress must act to ensure parents and families aren’t crippled by staggering college costs,” said Congresswoman Fudge.  “The Parent PLUS Loan Improvement Act of 2016 provides much-needed relief for Parent PLUS Loan holders nationwide.”

 

According to the U.S. Department of Education, more than 3 million Parent PLUS borrowers owed nearly $62 billion in 2014, or about $20,000 per borrower. Total outstanding student loan debt in the U.S. is now $1.3 trillion.  

 

"UNCF, our 37 member institutions and, indeed, the entire community of historically black colleges and universities (HBCUs) appreciate Congresswoman Fudge's outstanding leadership to improve this education loan program that helps nearly 700,000 parents fill the financial aid gap.  The Parent PLUS Loan Improvement Act of 2016 is greatly needed and Congress should act quickly to approve it,” said Dr. Michael L. Lomax, President and CEO, United Negro College Fund.

 

"The Thurgood Marshall College Fund applauds Congresswoman Fudge for introducing legislation that would lower the interest rate on Parent PLUS Loans and make income-based repayment an option for PPL program participants.  Students and families need more affordable education loan options to bolster college completion and manageable loan repayment," said Johnny C. Taylor, Jr., President and CEO, Thurgood Marshall College Fund.

 

“On behalf of the nation’s 105 HBCUs, 50 PBIs, and the 500,000 students that are enrolled in these institutions, I thank Congresswoman Fudge for her leadership in moving us toward a more permanent fix for the Parent PLUS Loan debacle. This bill improves key provisions of the Higher Education Act and makes college more affordable for students and families,” said Dr. Lezli Baskerville, Executive Director, the National Association for Equal Opportunity in Higher Education.

 

As Ranking Member of the Subcommittee on Early Childhood, Elementary and Secondary Education, Congresswoman Fudge believes every student should have access to higher education.  She is dedicated to working with her Congressional colleagues to pass this important bill and increase financial stability for all of America’s families. The Parent Plus Loan Improvement Act of 2016 is co-sponsored by Congressman Ruben Hinojosa (TX-15), Congressman Cedric Richmond (LA-2), Congresswoman Corrine Brown (FL-5), Congresswoman Stacey Plaskett (USVI), Congressman Marc Veasey (TX-33), Congressman Bennie Thompson (MS-2), Congressman Joe Courtney (CT-2), Congressman Mark Takano (CA-41), and Congresswoman Frederica Wilson (FL-24).

 

Read the text of the bill (attached).

 

             ###WASHINGTON, D.C. – Today, Congresswoman Marcia L. Fudge (OH-11), introduced H.R. 4661, the Parent PLUS Loan Improvement Act of 2016 to lessen the financial burden placed on parents and families due to high-interest PLUS loans. The Act modifies the current Parent PLUS Loan program by lowering and capping the current interest rate; providing an income-based repayment option for families; and eliminating staggering origination fees.  Additionally, the bill requires loan counseling for all borrowers.

 

“As PLUS Loan interest rates continue to climb, the pursuit of higher education and the American Dream is becoming outrageously expensive.  Congress must act to ensure parents and families aren’t crippled by staggering college costs,” said Congresswoman Fudge.  “The Parent PLUS Loan Improvement Act of 2016 provides much-needed relief for Parent PLUS Loan holders nationwide.”

 

According to the U.S. Department of Education, more than 3 million Parent PLUS borrowers owed nearly $62 billion in 2014, or about $20,000 per borrower. Total outstanding student loan debt in the U.S. is now $1.3 trillion.  

 

"UNCF, our 37 member institutions and, indeed, the entire community of historically black colleges and universities (HBCUs) appreciate Congresswoman Fudge's outstanding leadership to improve this education loan program that helps nearly 700,000 parents fill the financial aid gap.  The Parent PLUS Loan Improvement Act of 2016 is greatly needed and Congress should act quickly to approve it,” said Dr. Michael L. Lomax, President and CEO, United Negro College Fund.

 

"The Thurgood Marshall College Fund applauds Congresswoman Fudge for introducing legislation that would lower the interest rate on Parent PLUS Loans and make income-based repayment an option for PPL program participants.  Students and families need more affordable education loan options to bolster college completion and manageable loan repayment," said Johnny C. Taylor, Jr., President and CEO, Thurgood Marshall College Fund.

 

“On behalf of the nation’s 105 HBCUs, 50 PBIs, and the 500,000 students that are enrolled in these institutions, I thank Congresswoman Fudge for her leadership in moving us toward a more permanent fix for the Parent PLUS Loan debacle. This bill improves key provisions of the Higher Education Act and makes college more affordable for students and families,” said Dr. Lezli Baskerville, Executive Director, the National Association for Equal Opportunity in Higher Education.

 

As Ranking Member of the Subcommittee on Early Childhood, Elementary and Secondary Education, Congresswoman Fudge believes every student should have access to higher education.  She is dedicated to working with her Congressional colleagues to pass this important bill and increase financial stability for all of America’s families. The Parent Plus Loan Improvement Act of 2016 is co-sponsored by Congressman Ruben Hinojosa (TX-15), Congressman Cedric Richmond (LA-2), Congresswoman Corrine Brown (FL-5), Congresswoman Stacey Plaskett (USVI), Congressman Marc Veasey (TX-33), Congressman Bennie Thompson (MS-2), Congressman Joe Courtney (CT-2), Congressman Mark Takano (CA-41), and Congresswoman Frederica Wilson (FL-24).

 

Read the text of the bill (attached).

 

             ###, D.C. – Today, Congresswoman Marcia L. Fudge (OH-11), introduced H.R. 4661, the Parent PLUS Loan Improvement Act of 2016 to lessen the financial burden placed on parents and families due to high-interest PLUS loans. The Act modifies the current Parent PLUS Loan program by lowering and capping the current interest rate; providing an income-based repayment option for families; and eliminating staggering origination fees.  Additionally, the bill requires loan counseling for all borrowers.

 

“As PLUS Loan interest rates continue to climb, the pursuit of higher education and the American Dream is becoming outrageously expensive.  Congress must act to ensure parents and families aren’t crippled by staggering college costs,” said Congresswoman Fudge.  “The Parent PLUS Loan Improvement Act of 2016 provides much-needed relief for Parent PLUS Loan holders nationwide.”

 

According to the U.S. Department of Education, more than 3 million Parent PLUS borrowers owed nearly $62 billion in 2014, or about $20,000 per borrower. Total outstanding student loan debt in the U.S. is now $1.3 trillion.  

 

"UNCF, our 37 member institutions and, indeed, the entire community of historically black colleges and universities (HBCUs) appreciate Congresswoman Fudge's outstanding leadership to improve this education loan program that helps nearly 700,000 parents fill the financial aid gap.  The Parent PLUS Loan Improvement Act of 2016 is greatly needed and Congress should act quickly to approve it,” said Dr. Michael L. Lomax, President and CEO, United Negro College Fund.

 

"The Thurgood Marshall College Fund applauds Congresswoman Fudge for introducing legislation that would lower the interest rate on Parent PLUS Loans and make income-based repayment an option for PPL program participants.  Students and families need more affordable education loan options to bolster college completion and manageable loan repayment," said Johnny C. Taylor, Jr., President and CEO, Thurgood Marshall College Fund.

 

“On behalf of the nation’s 105 HBCUs, 50 PBIs, and the 500,000 students that are enrolled in these institutions, I thank Congresswoman Fudge for her leadership in moving us toward a more permanent fix for the Parent PLUS Loan debacle. This bill improves key provisions of the Higher Education Act and makes college more affordable for students and families,” said Dr. Lezli Baskerville, Executive Director, the National Association for Equal Opportunity in Higher Education.

 

As Ranking Member of the Subcommittee on Early Childhood, Elementary and Secondary Education, Congresswoman Fudge believes every student should have access to higher education.  She is dedicated to working with her Congressional colleagues to pass this important bill and increase financial stability for all of America’s families. The Parent Plus Loan Improvement Act of 2016 is co-sponsored by Congressman Ruben Hinojosa (TX-15), Congressman Cedric Richmond (LA-2), Congresswoman Corrine Brown (FL-5), Congresswoman Stacey Plaskett (USVI), Congressman Marc Veasey (TX-33), Congressman Bennie Thompson (MS-2), Congressman Joe Courtney (CT-2), Congressman Mark Takano (CA-41), and Congresswoman Frederica Wilson (FL-24).

 

Read the text of the bill (attached).

 

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