Patrick Murphy Hopes to Reform Student Loan Payments

Currently running for the U.S. Senate in 2016, U.S. Rep. Patrick Murphy unveiled a proposal to reform student loan payment on Wednesday. 

Murphy brought out the “Simple Income Based Repayment Act” which expands the Income-Based Repayment (IBR) to all students with federal loans and brings in in payroll deduction options. 

"Each day, I hear from young, educated Floridians, even those with good-paying jobs, who feel stuck in a crushing cycle of monthly payments, fees, and penalties while trying to manage their student loan debt,” Murphy said on Wednesday. “As a CPA, I know that needlessly complicated systems only cause pain, which too many millennials are witnessing with the current student loan repayment structure. My bill is a common-sense reform to simplify the system because when students graduate, they should receive a diploma – not be buried in a mountain of debt.”

Murphy’s bill was sent to the House Education and the Workforce and the Ways and Means Committees. So far, there are no co-sponsors in the House or Senate companion measures.