House Bill 3257
116th Congress(2019-2020)
Student Loan Fairness Act
Introduced
Introduced in House on Jun 13, 2019
Origin Chamber
House
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
3257
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.
No House votes have been held for this bill.
Summary
Student Loan Fairness Act
This bill addresses repayment plans, forgiveness, and applicable interest rates for student loans.
Among other things, the bill
- establishes an income-based 10/10 Loan Repayment Plan and specifies the calculation of monthly loan payments under the plan for borrowers of Federal Family Education Loans (FFELs) and Direct Loans;
- establishes a 10/10 Loan Forgiveness Program that provides FFEL and Direct Loan forgiveness to borrowers who, over 10 years, have made 120 monthly payments under the 10/10 Loan Repayment Plan or under another repayment plan that required them to make payments at least as large as those they would have made under the 10/10 Loan Repayment Plan;
- caps the interest rate on new Direct Loans at 3.4%;
- revises the Public Service Loan Forgiveness (PSLF) program to forgive the Direct Loans of participants who have made 60 (rather than 120) monthly payments on such loans pursuant to specified repayment plans;
- includes primary care physicians in medically underserved areas in the PSLF program;
- allows certain borrowers to consolidate their private education loans as Direct Consolidation Loans;
- directs the Consumer Financial Protection Bureau to issue regulations that require private education lenders to sell private education loans to the Department of Education (ED) for consolidation as Direct Consolidation Loans; and
- requires ED to pay the interest that accrues on certain student loans due to the borrower's lack of full-time employment for an interest-free deferment period of up to three years.
June 13, 2019
06/13/2019
Referred to the Committee on Education and Labor, and in addition to the Committees on Financial Services, and Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
06/13/2019
Introduced in House
Public Record
Record Updated
Nov 1, 2022 7:02:31 AM