{"database": "press", "table": "releases", "rows": [["http://bonamici.house.gov/press-release/bonamici-warns-policymakers-not-overstate-student-loan-costs-and-dismantle-protections", "Bonamici Warns Policymakers Not to Overstate Student Loan Costs and Dismantle Protections for Struggling Student Loan Borrowers", "2016-12-02", "2016", "2016-12", "Democrat", "House", "OR", "Suzanne Bonamici", "B001278", "bonamici.house.gov", null, null, "legacy", "Congresswoman Responds to Government Report, Calls for Improved Cost Estimates for Income-Driven Repayment Plans \nWASHINGTON, DC [12/02/16] \u2014 Today Congresswoman Suzanne Bonamici (D-OR), a member of the House Education Committee, released the following statement about the Government Accountability Office (GAO) report finding that the U.S. Department of Education\u2019s cost projections for income-driven repayment plans are unreliable.\u201cThe Government Accountability Office\u2019s recent report on the federal government\u2019s student loan program reveals that the Department of Education\u2019s cost estimates are based on shaky methodologies,\u201d said Congresswoman Bonamici. \u201cMore accurate projections would contemplate borrowers\u2019 income trajectories, consider the barriers to participating in income-driven repayment plans, and factor in the variation among the terms of repayment plans, all of which could shift estimates by billions of dollars.\u201dThe GAO\u2019s report notes that the Department\u2019s current cost estimates have doubled from previous projections, likely because of the increased participation in income-driven repayment plans. These plans permit student loan borrowers to make loan payments that are based on a percentage of their discretionary income. If borrowers have debt remaining after 20 or 25 years, it is forgiven. A separate program, the Public Service Loan Forgiveness Program, forgives federal student loan debt after ten years of qualifying public service. The GAO\u2019s examination concluded that the Department\u2019s estimates may significantly exaggerate or undervalue actual costs.\u201cI am concerned that many of the news stories and responses from members of Congress have narrowly focused on the cost of the estimated loan principal that may be forgiven in income-driven repayment plans,\u201d Bonamici continued. \u201cThis limited focus overlooks the lower net costs of income-driven repayment plans, and it ignores the safety net these plans provide to people who, after decades, remain weighed down by student debt. Additionally, the Congressional Budget Office projections show that the federal student loan program overall will bring in roughly $80 billion over the next ten years. A sole focus on income-driven repayment ignores the fact that, overall, the program generates revenue.\u201cThe real story is that policymakers don\u2019t yet have the accurate information they need to make policy changes to income-driven repayment plans. I commend the Department of Education for accepting the GAO\u2019s recommendations, and I encourage the Department to work with the next administration to produce more dependable cost projections without delay.\u201cFar too many students across the country are struggling with student loan debt, and Congress needs to pursue reasonable reforms to student loan repayment. If policymakers are serious about addressing this issue, we must also take into consideration soaring college costs and institutions that offer degrees and credentials of dubious value in the marketplace. This debate should include potential changes to income-driven repayment plans that are necessary to shield vulnerable student loan borrowers from default while making income-driven repayment a sustainable option in the long run.\u201cBut acting without improved cost estimates is premature. It would be detrimental to students across the country \u2013 and could leave millions of indebted Americans out in the cold \u2013 if policymakers impose drastic reforms on repayment programs based on insufficient or inaccurate information.\"\n###", 1, "2026-03-30T12:14:52Z", "2026-03-30T12:14:52Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["http://bonamici.house.gov/press-release/bonamici-warns-policymakers-not-overstate-student-loan-costs-and-dismantle-protections"], "units": {}, "query_ms": 1.2421812862157822, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}