Bill Sponsor
Senate Bill 3584
115th Congress(2017-2018)
Affordable Loans for Any Student Act
Introduced
Introduced
Introduced in Senate on Oct 11, 2018
Overview
Text
Introduced
Oct 11, 2018
Latest Action
Oct 11, 2018
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3584
Congress
115
Policy Area
Education
Education
Primary focus of measure is elementary, secondary, or higher education including special education and matters of academic performance, school administration, teaching, educational costs, and student aid.
Sponsorship by Party
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

Affordable Loans for Any Student Act

This bill amends the Higher Education Act of 1965 to revise requirements concerning repayment options for student loan borrowers. For instance, the bill terminates interest capitalization and origination fees for Federal Direct Loans, provides assistance to low-income borrowers or borrowers who are delinquent on loan payments, and replaces the existing income-based repayment plans with two new plans. Under the new plans, borrowers may choose: (1) a fixed repayment plan with equal monthly payments paid over a period of 10 years; or (2) an income-based repayment plan with monthly payments equal to 10% percent of their income above a poverty level. The income-based plan is capped at 20 years of payments.

The bill also revises requirements concerning student loan disclosures and student loan counseling for borrowers.

Text (1)
October 11, 2018
Actions (2)
10/11/2018
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
10/11/2018
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:41:08 PM