About this 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)
NASFAA Overview & review: This bill would allow a student-based loan debtor to go out of their income-based repayment plan and repay under any kind of loan payment policy for which they meet the criteria.
*NEW* H.R. 5287 — Fair Education Loan Debt Collection Methods Act
Sponsor: Rep. Lawson D-FL
NASFAA Summary & research: This bill would prohibit gathering from a debtor during any time frame that an equivalent debtor wouldn’t be necessary to produce re re payment under a plan that is income-driven. Loan companies would additionally be forbidden from gathering from a debtor a sum this is certainly significantly more than a comparable debtor would have paid in a single thirty days under an IDR plan. Loan companies would additionally be forced to approve that the debtor they truly are wanting to make a group from are perhaps not qualified to receive any administrative discharges first.
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 standard from their credit score, eliminate any item that is adverse of associated with the mortgage standard through the debtor’s credit score.
H.R. 4749 – education loan Relief Act of 2019
Sponsor: Rep. Clay D-MO
NASFAA Summary & Analysis: This bill will allow loans which were manufactured in the twenty years earlier than its enactment become refinanced towards the present rate of interest at the full 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 set repayment plan. The quantity of time that a debtor would need to repay underneath the fixed repayment plan will be in line with the quantity 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 two decades, and any debtor with more than $40,000 of financial obligation could 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 www.speedyloan.net/reviews/cashcall/ to sign up within an income-based repayment plan through a digital, written or spoken process.
H.R. 4647 – Teacher Debt Settlement Act
Sponsor: Rep. Hayes D-CT
Cosponsors: 1 (1D; 0R)
NASFAA Overview & research: This bill allows instructors to enlist both in teacher financial obligation forgiveness and general public solution loan forgiveness programs concurrently which allows instructors to receive their eligible forgiveness after five many years of work, then get the remainder after one more 5 years, as opposed to needing to begin over after their partial instructor debt 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)
NASFAA Overview & research: The balance allows formerly ineligible repayment 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 full-time work. Presently ineligible payment plans for PSLF are the graduated and extended plans.