30 Jul Legislative Tracker: Loans & Repayment
About this web web page, you will find proposals to boost or change the procedure through which pupils borrow and repay their loans.
For education loan and payment proposals through the past sessions of Congress, go to the Legislative Tracker Archive: Loans & Repayment.
*NEW* S. 3055 – Pupil Loan Repayment Freedom Act
Sponsor: Sen. Murkowski R-AK
Cosponsors: 2 (1D; 1R)
NASFAA Overview & review: This bill would allow an educatonal loan debtor to go out of their income-based repayment plan and repay under any kind of loan payment arrange for that they meet the criteria.
*NEW* H.R. 5287 — Fair Education Loan Debt Collection Tactics Act
Sponsor: Rep. Lawson D-FL
NASFAA Summary & research: This bill would prohibit gathering from the debtor during any time period that an identical debtor wouldn’t be necessary to create a re re payment under a plan that is income-driven. Loan companies would be forbidden from gathering from the borrower a quantity that is significantly more than a borrower that is similar have compensated in one single thirty days under an IDR plan. Loan companies would be obligated to approve that the debtor these are typically trying to make a group from are not qualified to receive any discharges that are administrative.
H.R. 4869 – Education Loan Default Decrease Program Act
Sponsor: Rep. Horn D-OK
NASFAA Summary & research: This bill would in the place of just getting rid of the record of the debtor’s default from their credit score, eliminate installment loans ma any item that is adverse of regarding the loan standard through the debtor’s credit rating.
H.R. 4749 – education loan Relief Act of 2019
Sponsor: Rep. Clay D-MO
NASFAA Summary & research: This bill will allow loans which were built in the two decades earlier than its enactment become refinanced into the present rate of interest at enough time associated with the issuance is manufactured.
*NEW* H.R. 4670 – Simplifying Student Education Loans Act
Sponsor: Rep. Crazy D-PA
Cosponsors: 3 (3D; 0R)
NASFAA Overview & research: This bill would change the repayment that is current alternatives with two options, a income-based payment plan and a hard and fast repayment plan. The quantity of time that the debtor would need to repay beneath the fixed repayment plan will be in line with the level of their education loan financial obligation. Borrowers with $20,000 or less could have payments disseminate over ten years, borrowers with financial obligation under $30,000 could have re re payments spread over 15 years, under $40,000 would mean twenty years, and any debtor with more than $40,000 of financial obligation might have their re re payments fixed over 25 years.
H.R. 4658 – Empowering Scholar Borrowers Act
Sponsor: Rep. Murphy D-FL
NASFAA Summary & research: This bill will allow borrowers to sign up in a income-based payment plan through an electronic, written or spoken procedure.
H.R. 4647 – Teacher Debt Settlement Act
Sponsor: Rep. Hayes D-CT
Cosponsors: 1 (1D; 0R)
NASFAA Overview & Analysis: This bill will allow instructors to sign up both in instructor financial obligation forgiveness and service that is public forgiveness programs concurrently which enables instructors to receive their eligible forgiveness after five years of work, then get the sleep after an extra five years, in place of needing to begin over after their partial teacher financial obligation forgiveness and complete the desired 10 under PSLF.
H.R. 4645 – Public Service Loan Forgiveness Inclusion Act of 2019
Sponsor: Rep. Foster D-IL
Cosponsors: 5 (4D; 1R)
NASFAA Overview & research: The bill will allow formerly ineligible payment plan payments to be eligible as being a “qualifying payment” for the intended purpose of Public Service Loan Forgiveness (PSLF) if your debtor transfers to an eligible repayment plan within 5 years (first 60 re re payments) of entering regular work. Currently repayment that is ineligible for PSLF are the finished and extended plans.