With this page, you will discover proposals to enhance or change the method through 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 – Pupil Loan Repayment Freedom Act

Sponsor: Sen. Murkowski R-AK
Cosponsors: 2 (1D; 1R)
Introduced: 12/16/2019
NASFAA Overview & review: This bill would allow an educatonal loan debtor to keep 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 Procedures Act

Sponsor: Rep. Lawson D-FL
Cosponsors: 0
Introduced: 12/03/2019
NASFAA Summary & research: This bill would prohibit collecting from the debtor during any time period that an identical debtor wouldn’t be needed https://speedyloan.net/reviews/moneykey to create a re re re payment under an income-driven plan. Loan companies would additionally be prohibited from gathering from a debtor a sum that is significantly more than a borrower that is similar have compensated in one 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 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 just removing the record of a debtor’s standard from their credit rating, eliminate any unfavorable product of information associated with the mortgage standard through the debtor’s credit rating. Continue reading →

Learn eligibility demands, prospective expenses, SBA choices and much more.

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