Legislative Tracker: Loans & Repayment
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. (meer…)