With this page, you will discover proposals to boost or modify the method in which pupils borrow and repay their loans.
For education loan and payment proposals through the past sessions of Congress, look at the Tracker that is legislative Archive Loans & Repayment.
*NEW* S. 3055 – Student Loan Repayment Freedom Act
Sponsor: Sen. Murkowski R-AK
Cosponsors: 2 (1D; 1R)
NASFAA Overview & research: This bill would allow an educatonal https://speedyloan.net/installment-loans-ma loan debtor to go out of their income-based payment plan and repay under every 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-FL
NASFAA Summary & research: This bill would prohibit collecting from a borrower during any time period that an equivalent debtor wouldn’t be expected to produce re payment under an income-driven plan. Loan companies would be forbidden from gathering from a debtor a sum that is significantly more than a borrower that is similar have compensated within one month under an IDR plan. Loan companies would additionally be forced to approve that the debtor they truly are wanting to make a group from are perhaps perhaps not qualified to receive any discharges that are administrative.
H.R. 4869 – Education Loan Default Decrease Program Act
Sponsor: Rep. Horn D-OK
NASFAA Summary & research: This bill would in place of only eliminating the record of the debtor’s standard from their credit score, eliminate any item that is adverse of regarding the loan standard through the debtor’s credit rating.
H.R. 4749 – education loan Relief Act of 2019
Sponsor: Rep. Clay D-MO
NASFAA Summary & research: This bill will allow loans which were manufactured in the two decades earlier than its enactment become refinanced into the interest that is current at the full time of this issuance is created.