Bill SponsorBILLSPONSOR
Bill Sponsor
Politicians
Bills
House Bill 4603
116th Congress(2019-2020)
LOAN Act of 2019
Introduced
Introduced
Introduced in House on Oct 4, 2019
Overview
Text
Introduced
Oct 4, 2019
Latest Action
Oct 4, 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
4603
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
Democrat
Salud Carbajal
California
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

Leveraging Opportunities for Americans Now Act of 2019 or the LOAN Act of 2019

This bill revises interest rates and repayment plans for federal student loans.

Specifically, the bill directs the Department of Education (ED) to set the interest rate on federal student loans made on or after July 1, 2021, at 0% and replace the interest with a one-time financing fee.

The bill permits ED to credit or refund borrowers who pay the balance of their loan earlier than required by their repayment plan with the amount of the financing fee.

The bill establishes an income-dependent education assistance repayment plan as the default repayment plan for federal student loans. A borrower may select either this new plan or a 10-year fixed repayment plan.

ED must calculate annual repayment amounts and provide annual statements to borrowers.

The Department of the Treasury must transmit tax information to ED as necessary to determine a borrower's repayment obligations and financing fee adjustments.

Text (1)
Introduced in House
October 4, 2019
Related Bills (1)
May 02, 2019
Introduced in Senate
1
Sponsorship
Senate Bill 1292
LOAN Act of 2019
Introduced
Type
Identical Bill
Identical Bill
A bill that is word-for-word identical to another bill. Bills are characterized as identical to each other at the introduced stage only, even though a later (e.g., reported or passed) version of a bill might meet the same criteria for text similarity. Companion measures, procedurally-related measures, and legislation with text similarities are other related bill types.
Identified By
CRS
Actions (2)
10/04/2019
Referred to the Committee on Education and Labor, and in addition to the Committee on 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.
10/04/2019
Introduced in House
Public Record
Record Updated
Nov 1, 2022 1:49:43 PM
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