The 2020 Presidential election season has seen numerous political topics being discussed, but a major one at the forefront of many political discussions is education and student loans.
In response, Florida Senator Rick Scott (R) has joined Senator Mike Braun (R), Senator Kyrsten Sinema (D) and Senator Chris Coons (D) in introducing bipartisan legislation that would reduce student loan debt.
The Student Loan Tax Elimination Act of 2019 would reduce burdensome and unnecessary student debt by eliminating what is called the “origination fee” on student loans.
Speaking on the legislation, Senator Scott commented that “our students deserve every opportunity to graduate college and pursue successful careers without mountains of debt.”
Citing his time as Governor of the sunshine state, the Senator noted that he “focused on keeping college costs low so every Floridian could get an affordable education.”
He detailed that “in Florida, we’ve held the line on tuition for six years straight and increased the transparency of education expenses.”
So, the Senator expressed that he is “proud to build on these efforts by supporting the Student Loan Tax Elimination Act so more students can afford a great education and pursue their dreams.”
Arizona Senator Sinema highlighted that the “bill eliminates burdensome federal student loan fees, helping Arizona families better afford college and increasing opportunities available to Arizona students,” adding that education was her “key to opportunity.”
Currently, as reported by the National Association of Student Financial Administrators, “the average undergraduate student pays $294 and the average graduate student pays $1,174 in originating fees.”
The Association further explains that “the average undergraduate borrower in a four-year program with pay an estimated $294 in origination fees and associated interest if enrolled in a standard 10-year repayment plan, while the average graduate student in a two-year program pays about $1,174 in fees and interest on that fee if repaying over 10 years.”