Eliminate loan “rehabilitation”, the long and process that is onerous defaulted borrowers must presently undertake before engaging in REPAYE. Just place them in REPAYE straight away.
Permit the IRS to directly provide income data into the Department of Education for purposes of implementing REPAYE. Or, even better, provide for loan payment through the withholding system used to collect payroll and taxes, amending Form W-4 to inquire of about figuratively speaking, and enabling self-employed individuals to upgrade re re payments considering their quarterly profits. It is perhaps not just a panacea, however it will make life easier and easier for borrowers.
Clean up the credit rating of defaulted or delinquent borrowers signed up for REPAYE. Particularly when loan re re payments may be made through payroll withholding, borrowers really should not be involuntarily defaulting or delinquent as a result of difficulty or jobless. Continue reading