Legislative Tracker: Loans & Repayment

With this web web page, you will find proposals to enhance or alter the method through which pupils borrow and cash call mortgage complaints 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)
Introduced: 12/16/2019
NASFAA Overview & research: This bill would permit an educatonal loan debtor to go out of their income-based payment plan and repay under any kind of loan payment policy for that they qualify.

*NEW* H.R. 5287 — Fair Education Loan Debt Collection Procedures 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 borrower wouldn’t be necessary to create a re re payment under an income-driven plan. Loan companies would be forbidden from gathering from the borrower 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 have been trying to make a group from are perhaps 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 in place of only eliminating the record of a debtor’s standard from their credit rating, remove any unfavorable product of information concerning the loan standard through the borrower’s credit rating.

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 manufactured in the two decades previous to its enactment become refinanced towards the interest that is current at enough time of this issuance is created.

*NEW* H.R. 4670 – Simplifying Figuratively Speaking Act

Sponsor: Rep. Crazy D-PA
Cosponsors: 3 (3D; 0R)
Introduced: 10/11/2019
NASFAA Overview & research: This bill would replace the present payment plan alternatives with two choices, a income-based payment plan and a set repayment plan. The actual quantity of time that a debtor would need to repay beneath the fixed repayment plan could be on the basis of the level 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 could 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 could have their 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 in a income-based payment plan through a digital, written or process that is verbal.

H.R. 4647 – Teacher Credit Card Debt Relief Act

Sponsor: Rep. Hayes D-CT
Cosponsors: 1 (1D; 0R)
Introduced: 10/11/2019
NASFAA Overview & Analysis: This bill will allow teachers to sign up both in instructor financial obligation forgiveness and general public solution loan forgiveness programs concurrently which enables instructors to receive their eligible forgiveness after 5 years of work, then have the remainder after one more 5 years, in the place of being forced to begin over after their partial instructor 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 & research: The bill allows formerly ineligible repayment plan payments to be qualified being a “qualifying payment” for the intended purpose of Public Service Loan Forgiveness (PSLF) in cases where a debtor transfers to an eligible repayment plan within 5 years (first 60 re payments) of entering regular work. Presently repayment that is ineligible for PSLF are the finished and extended plans.