Dear Friend,

Happy back to school month! My mom worked as a public school teacher and I attended Dallas public schools growing up. Education has opened up so many doors for me and I’ve been working in Congress to make sure our education system works better for everyone from grade school to community colleges and four-year universities. Earlier this week, the U.S. Department of Education launched the most affordable student loan repayment plan ever, the SAVE plan.

The SAVE plan will drastically reduce monthly payments for millions of borrowers by expanding eligibility and eliminating interest. 

Rep. Colin Allred visits Texas A&M University-Commerce Dallas earlier this month to check in on the teacher training program he secured funding for.

• Determines your payment based on income and family size.
• Expands income eligibility so more folks qualify for income driven repayment plans.
• Eliminates 100% of remaining interest after a scheduled payment is made. If you make your monthly payment, your loan balance won’t grow due to unpaid interest.
• With student loan payments resuming in October, the US Department of Education is encouraging borrowers to apply for the SAVE plan.

Under the SAVE plan, a typical graduate of a four-year public university will save nearly $2,000 a year. More than 1 million additional low-income borrowers will qualify for a $0 payment. 

There is so much more to do to fix our student loan system, but this plan puts working families first, stops runaway interest and lays the groundwork for making college more affordable. 

I will keep working in a bipartisan way to make sure that every Texan can access the education and job training they need to get a good job.  

If you run into issues with federal student aid, my office can connect you with resources. Give us a call at (972) 972-7949.

Sincerely,

Colin Allred
Member of Congress

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