With this web web page, you will find proposals to enhance or alter the method through which pupils borrow and repay their loans.
For education loan and payment proposals through the past 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 an educatonal loan debtor to go out of their income-based repayment plan and repay under any kind of loan payment arrange for that they meet the criteria.
*NEW* H.R. 5287 — Fair Education Loan Debt Collection Tactics Act
Sponsor: Rep. Lawson D-FLCosponsors: 0Introduced: 12/03/2019NASFAA Summary & Analysis: This bill would prohibit gathering from a debtor during any time period that an identical debtor wouldn’t be necessary to produce a re re payment under a plan that is income-driven. Loan companies would additionally be forbidden from gathering from a debtor a sum that is significantly more than a comparable debtor would have paid within one thirty days under an IDR plan. Loan companies would additionally be obligated to approve that the debtor they truly are 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-OKCosponsors: 0Introduced: 10/28/2019NASFAA Summary & research: This bill would in the place of just eliminating the record of the debtor’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 & research: This bill allows loans that have been manufactured in the twenty years earlier than its enactment become refinanced into the present rate of interest at the full time regarding 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 set repayment plan. The total amount of time that a debtor will have to repay underneath the fixed repayment plan will be in line with the level of their education loan financial obligation. Borrowers with $20,000 or less might have payments disseminate over ten years, borrowers with financial obligation under $30,000 might have re re re payments spread over 15 years, under $40,000 would mean twenty years, and any debtor with higher than $40,000 of debt will have their 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 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 Overview & research: This bill will allow instructors 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 five years of work, then get the sleep after an extra five years, in the place of needing to begin over after their partial instructor 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 being a “qualifying payment” for the intended purpose of Public Service Loan Forgiveness (PSLF) if your debtor transfers to an eligible repayment plan within 5 years (first 60 re payments) of entering full-time work. Presently repayment that is ineligible for PSLF are 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 for the PBO whose function should be to offer prompt assist with federal loan borrowers by answering and reviewing their complaints about federal loans, attempting to resolve any complaints within the most readily useful interest associated with borrowers, and reporting complaints to a situation or accrediting agency if relevant. The debtor advocate could be in charge of posting a report that is annual ED that could 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 offer their solutions at a nonprofit, or general 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 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, managing costs, increasing effectiveness, increasing accountability of officials who administer functional facets 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 creation of a “borrower advocate” at work associated with the PBO whoever function is to offer timely 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 of this borrowers, and reporting complaints to a situation or accrediting agency if relevant. The debtor advocate could be in charge of publishing a yearly are accountable to ED that will summarize the complaints gotten from borrowers, such as 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 & Analysis: This bill would eradicate 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) of this advanced schooling Act, which will get rid of the requirement that pupils might only get Federal figuratively speaking within an occasion framework add up to 150per cent associated with the published amount of this program they have been signed up for.
H.R. 4517 – Promoting Apprenticeships in public areas Provider 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 just about any debtor that received a certification from the subscribed apprenticeship system after which completes couple of years of full-time work at a qualifying public solution task.
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 that have defaulted to their figuratively speaking to possess that default taken from 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 eliminate the record of standard on a debtor’s credit score upon total repayment 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 adjunct faculty, thought as a part-time faculty user whom shows no less than 1 program at an organization of advanced schooling and it is maybe perhaps not employed 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 & research: the general public provider Loan Forgiveness Modernization Act would mandate the creation of an effortlessly searchable database of most PSLF eligible companies, additionally the jobs under that company. The Act would additionally produce an activity for the boss to electronically submit a official official certification kind that will notify ED they are an employer that is qualified. In addition, the Act would need ED to supply each debtor a yearly declaration that features the amount of monthly obligations produced by the debtor, how many repayments that qualify for PSLF, additionally the quantity of monthly premiums the debtor has kept before they could make an application for forgiveness.
H.R. 4310 – Public Service Expansion Act
Sponsor: Rep. Boyle D-PACosponsors: 0Introduced: 09/12/2019NASFAA Overview & review: the general public provider Expansion Act would allow work in virtually any place at a nonprofit company to be counted as general public solution work and qualified to receive general 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 review & Coverage: This bill would extend the six-month payment elegance period for several Federal Direct Loans to at least one 12 months. In addition it freezes rate of interest on these loans with this elegance duration.