About this web page, you will find proposals to boost or change the method through which pupils borrow and repay their loans.
For education loan and payment proposals through the previous sessions of Congress, go to the Tracker that is legislative 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 a student-based loan debtor to go out of their income-based payment plan and rise portal repay under just about any 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 collecting from the borrower during any time frame that an identical debtor wouldn’t be expected to make a re payment under a plan that is income-driven. Loan companies would be forbidden from gathering from a debtor a quantity this is certainly significantly more than a comparable borrower would have paid in a single thirty days under an IDR plan. Collectors would additionally be obligated to approve that the debtor they truly are wanting to make a group from are 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 rather than just getting rid of the record of the debtor’s standard from their credit rating, eliminate any item that is adverse of concerning the loan standard 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 that have been produced in the twenty years earlier than its enactment become refinanced towards the present rate of interest at the full time of this issuance is manufactured.
*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 repayment plan alternatives with two choices, a income-based payment plan and a hard and fast repayment plan. The quantity of time that a debtor will have to repay beneath the fixed repayment plan could be on the basis of the quantity of their education loan financial obligation. Borrowers with $20,000 or less will have payments disseminate over ten years, borrowers with financial obligation under $30,000 will have 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 will have their re re re payments fixed over 25 years.
H.R. 4658 – Empowering Student Borrowers Act
Sponsor: Rep. Murphy D-FLCosponsors: 0Introduced: 10/11/2019NASFAA Summary & research: This bill will allow borrowers to sign up within an income-based payment plan through an electric, written or spoken procedure.
H.R. 4647 – Teacher Credit Card Debt Relief Act
Sponsor: Rep. Hayes D-CTCosponsors: 1 (1D; 0R)Introduced: 10/11/2019NASFAA Overview & research: This bill will allow teachers to sign up both in instructor financial obligation forgiveness and service that is public forgiveness programs concurrently which permits instructors to receive their eligible forgiveness after five years of work, and then have the remainder after an extra five years, rather than needing to begin over after their partial instructor debt 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) in case a debtor transfers to an eligible repayment plan within 5 years (first 60 re re re payments) of entering time employment that is full. Presently repayment that is ineligible for PSLF through 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 whose function should be to offer prompt help federal loan borrowers by giving an answer to and reviewing their complaints about federal loans, trying to resolve any complaints into the interest that is best associated with the borrowers, and reporting complaints to a situation or accrediting agency if relevant. The borrower advocate will be in charge of posting a yearly are accountable to ED that will summarize the complaints gotten from borrowers, like the quantity of complaints made.
H.R. 4607 – Not en 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 medical care professionals and supply their solutions at a nonprofit, or hospital that is public other nonprofit or general public medical care center to qualify for Public Service Loan Forgiveness.
H.R. 4596 – Education Loan Advocacy Act
Sponsor: Rep. Omar D-MNCosponsors: 1 (1D; 0R)Introduced: 10/01/2019NASFAA Overview & Analysis: This bill would upgrade the goal of the PBO to add prioritization to students and borrowers in decision-making procedures, making federal help programs 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 also mandate the development of a “borrower advocate” at work of the PBO whoever function is to offer prompt help federal loan borrowers by giving an answer to and reviewing their complaints about federal loans, attempting to resolve any complaints into the interest that is best for the 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 will summarize the complaints gotten from borrowers, like 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 eradicate education loan interest capitalization after forbearance and during specific 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) associated with advanced schooling Act, which will eradicate the requirement that pupils might only get Federal student education loans within a period framework corresponding to 150percent associated with the posted amount of this system they’ve been signed up for.
H.R. 4517 – Promoting Apprenticeships in public areas 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 debtor that received a certification from the authorized apprenticeship program 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 allows borrowers that have defaulted on the figuratively speaking to possess that default taken from their credit rating when they get that loan consolidation for the total amount.
H.R. 4396 – Clean Slated Through Repayment Act
Sponsor: Rep. Mucarsel-Powell D-FLCosponsors: 1 (1D; 0R)Introduced: 09/19/2019NASFAA Summary & review: The Clean Slated Through Repayment Act would get rid of the record of standard on a debtor’s credit rating upon total payment associated with the complete quantity due.
S. 2523 – Adjunct Faculty Loan Fairness Act of 2019
Sponsor: Sen. Durbin D-ILCosponsors: 3 (3D; 0R)Introduced: 09/19/2019NASFAA Summary & research: This bill allows faculty that is adjunct understood to be a part-time faculty user whom shows not less than 1 program at an organization of degree and it is maybe perhaps not used for a full-time foundation by virtually any company, to be eligible for 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 creation of an effortlessly searchable database of most PSLF eligible companies, in addition to roles under that company. The Act would also produce a procedure for an boss to electronically submit an official official certification kind 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 Service Expansion Act
Sponsor: Rep. Boyle D-PACosponsors: 0Introduced: 09/12/2019NASFAA Overview & review: the general public provider Expansion Act will allow work in every place at a nonprofit company to be counted as being general public solution work and entitled to general general public service loan forgiveness.
H.R. 4119 – Education 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 grace period for several Federal Direct Loans to 1 12 months. In addition it freezes rate of interest on these loans with this grace duration.