About this web page, you will discover proposals to boost or change the procedure in which students 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-AKCosponsors: 2 (1D; 1R)Introduced: 12/16/2019NASFAA Overview & research: This bill would allow an educatonal loan borrower to go out of their income-based payment plan and repay under some other loan payment arrange for that they meet the criteria.
*NEW* H.R. 5287 — Fair Education Loan Debt Collection Techniques Act
Sponsor: Rep. Lawson D-FLCosponsors: 0Introduced: 12/03/2019NASFAA Summary & research: This bill would prohibit gathering from the debtor during any time period that an equivalent debtor wouldn’t be needed to produce a re re payment under an income-driven plan. Loan companies would additionally be forbidden from collecting from the debtor a quantity that is significantly more than a borrower that is similar have compensated in a single thirty days under an IDR plan. Loan companies would additionally be forced to approve that the debtor they truly are trying to make a group from are perhaps perhaps not qualified to receive any discharges that are administrative.
H.R. 4869 – Education Loan amscot near me Default Decrease Program Act
Sponsor: Rep. Horn D-OKCosponsors: 0Introduced: 10/28/2019NASFAA Summary & research: This bill would as opposed to just eliminating the record of the borrower’s standard from their credit score, eliminate any negative product of information concerning the loan standard through the debtor’s credit rating.
H.R. 4749 – education loan Relief Act of 2019
Sponsor: Rep. Clay D-MOCosponsors: 0Introduced: 10/18/2019NASFAA Summary & Analysis: This bill will allow loans that have been manufactured in the twenty years earlier than its enactment become refinanced towards the present rate of interest at the full time of this issuance is created.
*NEW* H.R. 4670 – Simplifying Student Education Loans Act
Sponsor: Rep. Crazy D-PACosponsors: 3 (3D; 0R)Introduced: 10/11/2019NASFAA Overview & research: This bill would change the repayment that is current alternatives with two choices, a income-based repayment plan and a set repayment plan. The total amount of time that a debtor would need to repay underneath the fixed repayment plan could be in line with the quantity of their education loan financial obligation. Borrowers with $20,000 or less could have payments disseminate over a decade, borrowers with financial obligation under $30,000 will have re payments spread over 15 years, under $40,000 would mean two decades, and any debtor with more than $40,000 of financial obligation will have their re re payments fixed over 25 years.
H.R. 4658 – Empowering Scholar Borrowers Act
Sponsor: Rep. Murphy D-FLCosponsors: 0Introduced: 10/11/2019NASFAA Summary & research: This bill will allow borrowers to sign up in a income-based payment plan through an electric, written or spoken procedure.
H.R. 4647 – Teacher Debt Settlement Act
Sponsor: Rep. Hayes D-CTCosponsors: 1 (1D; 0R)Introduced: 10/11/2019NASFAA Summary & research: This bill will allow instructors to sign up both in instructor financial obligation forgiveness and general public solution loan forgiveness programs concurrently which permits teachers to receive their eligible forgiveness after five years of work, then have the remainder after yet another five years, in the place of needing to begin over after their partial instructor 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)Introduced: 10/11/2019NASFAA 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) in case a 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.
H.R. 4627 – Pupil Borrower Advocate Act
Sponsor: Rep. Scanlon D-PACosponsors: 1 (1D; 0R)Introduced: 10/08/2019NASFAA Overview & research: This bill would mandate the development of a “borrower advocate” at work regarding the PBO whoever function is always to offer prompt assist with federal loan borrowers by giving an answer to and reviewing their complaints about federal loans, attempting to resolve any complaints within the most useful interest regarding the borrowers, and reporting complaints to a situation or accrediting agency if relevant. The debtor advocate will be in charge of posting a yearly are accountable to ED that could summarize the complaints gotten from borrowers, such as the amount of complaints made.
H.R. 4607 – Not en titled at the time of 11/13
Sponsor: Rep. Harder D-CACosponsors: 4 (2D; 2R)Introduced: 10/04/2019 NASFAA Overview & research: This bill will allow borrowers who possess full-time jobs as healthcare professionals and supply their solutions at a nonprofit, or public medical center or other nonprofit or general general public medical care center to qualify for Public provider Loan Forgiveness.
H.R. 4596 – Education Loan Advocacy Act
Sponsor: Rep. Omar D-MNCosponsors: 1 (1D; 0R)Introduced: 10/01/2019NASFAA Overview & research: This bill would upgrade the purpose of the PBO to add prioritization to students and borrowers in decision-making procedures, making aid that is federal more effortlessly understandable to pupils and parents, handling costs, increasing effectiveness, increasing accountability of officials who administer functional components of federal programs, and increasing oversight of schools. To make sure these improvements occur, the assistant of training could be accountable for applying accountability and oversight measures to be sure the newly-defined function is achieved. This bill would additionally mandate the development of a “borrower advocate” at work regarding the PBO whoever function is to provide prompt assist with federal loan borrowers by giving an answer to and reviewing their complaints about federal loans, trying to resolve any complaints when you look at the most readily useful interest associated with borrowers, and reporting complaints to a situation or accrediting agency if applicable. The debtor advocate could be in charge of posting a report that is annual ED that could summarize the complaints gotten from borrowers, such as the wide range of complaints made.
H.R. 4590 – End Capitalization for Struggling Borrowers Act
Sponsor: Rep. Davis D-ILCosponsors: 2 (2D; 0R)Introduced: 10/01/2019NASFAA Overview & research: This bill would expel education loan interest capitalization after forbearance and during particular durations of deferment.
H.R. 4502 – Offering Relief And Dollars to Undergraduates for Adequate Time for Education Act
Sponsor: Rep. Casten D-ILCosponsors: 3 (3D; 0R)Introduced: 09/26/2019NASFAA Overview & review: This bill would repeal part 1087e(q) for the advanced schooling Act, which may eradicate the requirement that pupils may just get Federal student education loans within an occasion framework add up to 150per cent for the posted duration of this program these are typically signed up for.
H.R. 4517 – Promoting Apprenticeships in public places Service Act
Sponsor: Rep. Cicilline D-RI Cosponsors: 3 (3D; 0R)Introduced: 09/26/2019NASFAA Overview & research: This legislation would direct the Secretary of Education to cancel or repay as much as $25,000 in loans for almost any borrower that received a certification from a registered apprenticeship system after which completes 2 yrs of full-time work at a qualifying public solution work.
H.R. 4395 – Clean Slated Through Consol Sponsor: Rep. Stevens D-MI Cosponsors: 1 (1D; 0R)Introduced: 09/19/2019NASFAA Overview & research: The Clean Slated Through Consolidation Act will allow borrowers who possess defaulted on their figuratively speaking to possess that default taken off their credit rating when they get that loan consolidation for the quantity.
H.R. 4396 – Clean Slated Through Repayment Act
Sponsor: Rep. Mucarsel-Powell D-FLCosponsors: 1 (1D; 0R)Introduced: 09/19/2019NASFAA Overview & research: The Clean Slated Through Repayment Act would eliminate the record of standard on a debtor’s credit rating upon total payment of this complete quantity due.
S. 2523 – Adjunct Faculty Loan Fairness Act of 2019
Sponsor: Sen. Durbin D-ILCosponsors: 3 (3D; 0R)Introduced: 09/19/2019NASFAA Overview & research: This bill will allow faculty that is adjunct thought as a part-time faculty user whom shows no less than 1 program at an organization of degree and it is maybe perhaps not employed on a full-time foundation by just about any boss, to be eligible for public service loan forgiveness.
H.R. 4391 – Public Provider Loan Forgiveness Modernization Act
Sponsor: Rep. Panetta D-CACosponsors: 8 (8D; 0R)Introduced: 09/18/2019NASFAA Overview & research: the general public Service Loan Forgiveness Modernization Act would mandate the development of an effortlessly searchable database of most PSLF eligible companies, while the jobs under that manager. The Act would also produce a procedure for the boss to electronically submit an official official certification type that will notify ED they are an employer that is qualified. An annual statement that includes the number of monthly payments made by the borrower, the number of payments that qualify for PSLF, and the number of monthly payments the borrower has left before they can apply for forgiveness in addition, the Act would require ED to provide each borrower.
H.R. 4310 – Public Provider Expansion Act
Sponsor: Rep. Boyle D-PACosponsors: 0Introduced: 09/12/2019NASFAA Overview & research: people provider Expansion Act would allow work in virtually any place at an organization that is nonprofit be counted as public solution work and entitled to general public solution loan forgiveness.
H.R. 4119 – Education Loan Deferment Act
Sponsor: Rep. Lawson, Jr D-FLCosponsors: 4 (4D; 0R)Introduced: 07/30/2019 NASFAA research & Coverage: This bill would expand the six-month payment elegance duration for many Federal Direct Loans to 1 year. Moreover it freezes interest on these loans with this elegance duration.
