With this web web page, you will find proposals to boost or change the method in which pupils borrow and repay their loans.
For education loan and repayment 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-AKCosponsors: 2 (1D; 1R)Introduced: 12/16/2019NASFAA Summary & research: This bill would permit an educatonal loan debtor to keep their income-based repayment plan and repay under some other loan payment policy for which they meet the criteria.
*NEW* H.R. 5287 — Fair Education Loan Debt Collection Procedures Act
Sponsor: Rep. Lawson D-FLCosponsors: 0Introduced: 12/03/2019NASFAA Summary & research: This bill would prohibit gathering from the debtor during any time frame that an identical debtor wouldn’t be needed to make re payment under a plan that is income-driven. Loan companies would be forbidden from gathering from the debtor a sum this is certainly significantly more than a borrower that is similar have compensated in a single thirty days under an IDR plan. Loan companies would additionally be obligated to approve that the borrower they truly are trying to make a group from are perhaps perhaps perhaps not qualified to receive any administrative discharges first.
H.R. 4869 – Education Loan 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 a debtor’s standard from their credit rating, eliminate any item that is adverse of concerning the loan default through the debtor’s credit score.
H.R. 4749 – education loan Relief Act of 2019
Sponsor: Rep. Clay D-MOCosponsors: 0Introduced: 10/18/2019NASFAA Summary & research: This bill will allow loans which were built in the twenty years earlier than its enactment become refinanced to your present rate of interest at enough time associated with the issuance is created.
*NEW* H.R. 4670 – Simplifying Figuratively Speaking Act
Sponsor: Rep. Crazy D-PACosponsors: 3 (3D; 0R)Introduced: 10/11/2019NASFAA Overview & research: This bill would change the present payment plan alternatives with two choices, a income-based payment plan and a hard and fast repayment plan. The actual quantity of time that a debtor will have to repay underneath the fixed repayment plan could be on the basis of the level of their education loan financial obligation. Borrowers with $20,000 or less might have payments disseminate over a decade, borrowers with financial obligation under $30,000 could have re re payments spread over 15 years, under $40,000 would equate to twenty years, and any debtor with higher than $40,000 of financial obligation might 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 & Analysis: 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-CTCosponsors: 1 (1D; 0R)Introduced: 10/11/2019NASFAA Overview & research: This bill will allow instructors to sign up both in instructor debt forgiveness and public solution loan forgiveness programs concurrently which permits teachers to receive their eligible forgiveness after 5 years of work, then get the remainder after yet another 5 years, in the place of being forced to begin over after their partial teacher 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: 10/11/2019NASFAA Overview & research: the balance will allow formerly ineligible payment plan payments to be qualified as 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 re payments) of entering time employment that is full. Presently ineligible repayment plans 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 the office for the PBO whoever function is always to provide prompt assist with federal loan borrowers by giving an answer to and reviewing their complaints about federal loans, attempting to resolve any complaints when you look at the interest that is best of this borrowers, and reporting complaints to a situation or accrediting agency if relevant. The debtor advocate will be accountable for posting a yearly are accountable to ED that could summarize the complaints gotten from borrowers, such as the quantity 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 Summary & Analysis: This bill will allow borrowers who possess full-time jobs as medical care professionals and offer their services at a nonprofit, or general public medical center or other nonprofit or general general public medical care facility 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 goal of the PBO to incorporate prioritization to pupils 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. The secretary of education would be responsible for implementing accountability and oversight measures to make sure the newly-defined purpose is accomplished to ensure these improvements take place. This bill would additionally mandate the development of a “borrower advocate” at the office regarding the PBO whose function should be 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 interest that is best regarding the borrowers, and reporting complaints to a situation or accrediting agency if relevant. The debtor advocate could be in charge of posting a yearly are accountable to ED that could summarize the complaints gotten from borrowers, like the quantity 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 eliminate education loan interest capitalization after forbearance and during particular durations of deferment.
H.R. 4502 – providing 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) regarding the advanced schooling Act, which may get rid of the requirement that pupils might only receive Federal figuratively speaking within an occasion framework add up to 150per cent regarding the posted duration of this system they have been signed up for.
H.R. 4517 – Promoting Apprenticeships in public places Provider Act
Sponsor: Rep. Cicilline D-RI Cosponsors: 3 (3D; 0R)Introduced: 09/26/2019NASFAA Overview & review: This legislation would direct the Secretary of Education to cancel or repay as much as $25,000 in loans for just about any debtor that received a certification from the subscribed apprenticeship system after which completes 2 yrs of full-time work at a qualifying service job that is public.
H.R. 4395 – Clean Slated Through Consol Sponsor: Rep. Stevens D-MI Cosponsors: 1 (1D; 0R)Introduced: 09/19/2019NASFAA Overview & review: The Clean Slated Through Consolidation Act will allow borrowers who possess defaulted on the figuratively speaking to possess that default taken off their credit score 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 get rid of the record of standard for a debtor’s credit rating upon total payment associated with the amount that is full.
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 understood to be a part-time faculty user who shows for around 1 program at an organization of advanced schooling and it is maybe maybe perhaps not used for a full-time basis by virtually any manager, to be eligible for general general public solution loan forgiveness.
H.R. 4391 – Public Provider Loan Forgiveness Modernization Act
Sponsor: Rep. Panetta D-CACosponsors: 8 (8D; 0R)Introduced: 09/18/2019NASFAA Overview & Analysis: the general public provider Loan Forgiveness Modernization Act would mandate the development of an effortlessly searchable database of most PSLF eligible companies, in addition to roles under that boss. The Act would additionally create a procedure for an manager to electronically submit an official certification type that will notify ED they are an employer that is qualified. In addition, the Act would need ED to offer each debtor a yearly declaration which includes how many monthly premiums created by the debtor, the amount of payments that qualify cash installment loans for PSLF, additionally the quantity of monthly premiums the debtor has left before they are able to submit an application for forgiveness.
H.R. 4310 – Public Provider Expansion Act
Sponsor: Rep. Boyle D-PACosponsors: 0Introduced: 09/12/2019NASFAA Overview & research: the general public provider Expansion Act will allow work in every place at a nonprofit company to be counted as a general general public solution work and qualified to receive general public solution loan forgiveness.
H.R. 4119 – Student Loan Deferment Act
Sponsor: Rep. Lawson, Jr D-FLCosponsors: 4 (4D; 0R)Introduced: 07/30/2019 NASFAA review & Coverage: This bill would expand the six-month payment elegance duration for several Federal Direct Loans to 1 12 months. Moreover it freezes rate of interest on these loans in this elegance duration.