HARRISBURG – Lancaster County Sen. Ryan Aument reintroduced two bills to ease the strain of student loan debt. Senate Bill 143 creates the Student Loan Retirement Agreement Program, which would allow borrowers to repay student loans through the use of Income Share Agreements or ISAs. Under an ISA, a participant would agree to pay a fixed share or percentage of their income for a set period of time in order to pay off their student loan debt. Senate Bill 144 would authorize a feasibility study of using ISAs for current students attending a post-secondary institution as a way to finance their education. The Higher Education Income Share Financing Pilot Program established by the bill would allow current students to enter into a contract with their institution where they agree to pay a fixed percentage or “share” of their future income for a set period of time in exchange for having all or a portion of the cost of their education paid for. The programs created by both bills would be administered by PHEAA.

SEN. RYAN AUMENT