H.R.1330 – education loan Fairness Act 113th Congress (2013-2014)

H.R.1330 – education loan Fairness Act 113th Congress (2013-2014)

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  • Subject — Policy Area:

  • Training
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  • Overview: H.R.1330 — 113th Congress (2013-2014) All Information (Except Text)

    There was one summary for H.R.1330. Bill summaries are authored by CRS.

    Shown Right Right Right Here: Introduced in Home (03/21/2013)

    Education loan Fairness Act – Amends name IV (Student Assistance) of this advanced schooling Act of 1965 (HEA) to ascertain a 10/10 Loan Repayment Arrange which allows borrowers of Federal Family Education Loans (FFELs) and Direct Loans (DLs) to restrict their payment on such loans to one-twelfth of 10% associated with quantity through which their modified gross earnings and that of the partner (if relevant) surpasses 150% associated with the poverty level that is federal.

    Establishes a 10/10 Loan Forgiveness Program providing you with FFEL and DL forgiveness to borrowers whom, following the date that is ten years prior to the date with this Act’s enactment, are making 120 payments that are monthly the 10/10 Loan Repayment Plan or under another payment plan that needed them to create re re re payments at least as big as those they’d are making underneath the 10/10 Loan Repayment Plan.

    Credits the months during which someone is with in deferment as a result of a hardship that is economic months which is why re payment had been designed for purposes associated with the 10/10 Loan Forgiveness Program.

    Caps the quantity of loan forgiveness that the scheduled system will give you to people who become brand brand new borrowers following the date with this Act’s enactment.

    Caps the rate of interest on new DLs at 3.4per cent.

    Amends the general public solution employee loan forgiveness system to forgive the DLs of participants who possess made 60 (presently, 120) monthly premiums on such loans pursuant to specified repayment plans.

    Includes main care doctors in clinically underserved areas into the public service employee loan forgiveness system.

    Allows borrowers that are certain combine their personal training loans as Direct Consolidation Loans, supplied the personal loans had been made on or ahead of the date of the Act’s enactment.

    Limitations such borrowers to people who: (1) had been pupils qualified to receive unsubsidized Stafford loans or PLUS loans beneath the FFEL or DL programs because of their enrollment at an organization of degree, or might have been had they been enrolled on at the least a basis that is half-time (2) lent a minumum of one personal training loan for such enrollment; and (3) have actually the average modified gross earnings that will not surpass their total training financial obligation.

    Caps the rate of interest on those Direct Consolidation Loans at 3.4per cent.

    Needs borrowers to use for such loans within one 12 months for this Act’s enactment.

    Amends the facts in Lending Act to direct the Bureau of customer Financial Protection (CFPB) to issue regulations that want personal training loan providers to market education that is private into the Secretary of Education for consolidation as Direct Consolidation Loans.

    Sets forth the information to be utilized in determining the purchase price covered such loans.

    Amends name IV associated with the HEA to direct the Secretary of Education to pay for the attention that accrues on unsubsidized FFELs and DLs being deferred because of student debtor’s absence of full-time employment.

    Needs the Secretary to cover the attention that accrues on Federal Consolidation Loans which are in deferment as a result of a debtor’s shortage of full-time employment, offered the application form for such financing is gotten on or following the date of the online payday NY Act’s enactment.

    Directs the Secretary to cover the attention that accrues on FFELs and DLs which can be susceptible to repayment that is income-based and they are in deferment because of a debtor’s absence of full-time work.

    Limitations these deferment that is interest-free to those occurring on or following the date of the Act’s enactment and addressing a maximum of 36 months of full-time unemployment.

    Excludes from the debtor’s taxable earnings the main and interest on FFELs and DLs that is forgiven pursuant to income-based payment plans.