Legislative Tracker: Loans & Repayment

With this web web web page, you will find proposals to enhance or alter 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)
Introduced: 12/16/2019
NASFAA Overview & Analysis: This bill would allow a student-based loan debtor to keep their income-based payment plan and repay under just about any loan payment policy for that they qualify.

*NEW* H.R. 5287 — Fair Education Loan Debt Collection Ways Act

Sponsor: Rep. Lawson D-FL
Cosponsors: 0
Introduced: 12/03/2019
NASFAA Summary & research: This bill would prohibit gathering from a borrower during any time period that the same debtor wouldn’t be expected to make a re re payment under a plan that is income-driven. Loan companies would be forbidden from gathering from a debtor a sum that is a lot more than a comparable borrower would have compensated in a single thirty days under an IDR plan. Loan companies would additionally be forced to approve that the debtor they’ve been trying to make a group from are perhaps not qualified to receive any discharges that are administrative.

H.R. 4869 – Education Loan Default Reduction Program Act

Sponsor: Rep. Horn D-OK
Cosponsors: 0
Introduced: 10/28/2019
NASFAA Summary & research: This bill would in the place of just getting rid of the record of a debtor’s default from their credit rating, eliminate any negative product of information regarding the mortgage standard through the debtor’s credit rating.

H.R. 4749 – education loan Relief Act of 2019

Sponsor: Rep. Clay D-MO
Cosponsors: 0
Introduced: 10/18/2019
NASFAA Summary & Analysis: This bill allows loans which were manufactured in the twenty years earlier than its enactment become refinanced towards the interest that is current at the full time of this issuance is manufactured.

*NEW* H.R. 4670 – Simplifying Figuratively Speaking Act

Sponsor: Rep. Crazy D-PA
Cosponsors: 3 (3D; 0R)
Introduced: 10/11/2019
NASFAA Overview & research: This bill would change the repayment that is current alternatives with two choices, a income-based payment plan and a hard and fast repayment plan. The total amount of time that the debtor will have to repay underneath the fixed repayment plan could be on the basis of the number 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 www.speedyloan.net/reviews/cashcall,000 might have re payments spread over 15 years, under $40,000 would mean two decades, and any debtor with more than $40,000 of debt might have their re payments fixed over 25 years.

H.R. 4658 – Empowering Scholar Borrowers Act

Sponsor: Rep. Murphy D-FL
Cosponsors: 0
Introduced: 10/11/2019
NASFAA Summary & research: This bill will allow borrowers to sign up within an income-based payment plan through an electric, written or spoken procedure.

H.R. 4647 – Teacher Debt Settlement Act

Sponsor: Rep. Hayes D-CT
Cosponsors: 1 (1D; 0R)
Introduced: 10/11/2019
NASFAA Overview & research: This bill allows 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 5 years of work, then have the sleep after one more 5 years, rather than being forced to begin over after their partial instructor financial obligation forgiveness and complete the necessary 10 under PSLF.

H.R. 4645 – Public Service Loan Forgiveness Inclusion Act of 2019

Sponsor: Rep. Foster D-IL
Cosponsors: 5 (4D; 1R)
Introduced: 10/11/2019
NASFAA Overview & research: The balance will allow formerly ineligible payment plan payments to be qualified being a “qualifying payment” for the true purpose of Public Service Loan Forgiveness (PSLF) if your debtor transfers to an eligible repayment plan within 5 years (first 60 re payments) of entering full-time work. Presently repayment that is ineligible for PSLF are the finished and extended plans.

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