Bill Sponsor
Senate Bill 1002
116th Congress(2019-2020)
Affordable Loans for Any Student Act
Introduced
Introduced
Introduced in Senate on Apr 3, 2019
Overview
Text
Introduced
Apr 3, 2019
Latest Action
Apr 3, 2019
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
1002
Congress
116
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 addresses repayment options, loan disclosures, and loan counseling for student loans.

The bill revises 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 the 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. For instance, the bill requires the Department of Education to maintain online counseling tools that provide borrowers with annual and exit student loan counseling.

Text (1)
Actions (2)
04/03/2019
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
04/03/2019
Introduced in Senate
Public Record
Record Updated
Nov 1, 2022 7:02:22 PM