With this page, you will find proposals to enhance or alter the method in which pupils borrow and repay their loans.

For education loan and payment proposals through the past sessions of Congress, look at 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 & research: This bill would allow a student-based loan debtor to go out of their income-based payment plan and repay under just about any loan payment arrange for which they meet the criteria.

*NEW* H.R. 5287 — Fair Education Loan Debt Collection money key Techniques Act

Sponsor: Rep. Lawson D-FL
Cosponsors: 0
Introduced: 12/03/2019
NASFAA Summary & research: This bill would prohibit gathering from the debtor during any time period that an identical debtor wouldn’t be expected to produce re re payment under an income-driven plan. Collectors would additionally be forbidden from gathering from a debtor a quantity this is certainly significantly more than a borrower that is similar have paid in a single thirty days under an IDR plan. Collectors would additionally be forced to certify that the debtor these are typically trying to make a group from are perhaps not entitled to any discharges that are administrative.

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

Sponsor: Rep. Horn D-OK
Cosponsors: 0
Introduced: 10/28/2019
NASFAA Summary & research: This bill would as opposed to just eliminating 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
Cosponsors: 0
Introduced: 10/18/2019
NASFAA Summary & research: This bill will allow loans that have been built in the twenty years earlier than its enactment become refinanced into the present rate of interest at the full time for the issuance is created.

*NEW* H.R. 4670 – Simplifying Student Education Loans 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 quantity of time that a debtor would need to repay underneath the fixed repayment plan will be on the basis of the number of their education loan financial obligation. Borrowers with $20,000 or less might have payments disseminate over ten years, borrowers with financial obligation under $30,000 will have re re re payments spread over 15 years, under $40,000 would mean twenty years, and any debtor with higher than $40,000 of financial obligation might have their re re 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 process that is verbal.

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 enlist both in instructor financial obligation forgiveness and service that is public forgiveness programs concurrently which enables instructors to receive their eligible forgiveness after five several years of work, then get the sleep after yet another 5 years, in the place of being forced to begin over after their partial teacher debt 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)
Introduced: 10/11/2019
NASFAA Overview & Analysis: The bill 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 time employment that is full. Presently repayment that is ineligible for PSLF range from the finished and extended plans.