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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This bill gets the status Introduced

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  • Constitutional Authority Statement
  • CBO Price Estimates 0
  • Subject — Policy Area:

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

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

    Shown 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 determine a 10/10 Loan Repayment Arrange that enables borrowers of Federal Family Education Loans (FFELs) and Direct Loans (DLs) to restrict their payment per month on such loans to one-twelfth of 10% for the quantity through which their modified gross income and therefore of the partner (if relevant) surpasses 150% of this federal poverty degree.

    Establishes a 10/10 Loan Forgiveness Program that delivers FFEL and DL forgiveness to borrowers whom, following the date that is ten years before the date with this Act’s enactment, are making 120 monthly premiums under the 10/10 Loan Repayment Plan or under another payment plan that needed them to produce re re re payments at least as large as those they might are making beneath the 10/10 Loan Repayment Plan.

    Credits the months during which a person is in deferment because of a hardship that is economic months which is why re re re re payment ended up being created for purposes associated with the 10/10 Loan Forgiveness Program.

    Caps the total amount of loan forgiveness that the system will offer to people who become brand brand new borrowers following the online payday FL date of the Act’s enactment.

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

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

    Includes care that is primary in clinically underserved areas into the public service employee loan forgiveness system.

    Allows specific borrowers to combine their personal training loans as Direct Consolidation Loans, supplied the personal loans had been made on or prior to the date of the Act’s enactment.

    Limitations such borrowers to those that: (1) had been pupils qualified to receive unsubsidized Stafford loans or PLUS loans beneath the FFEL or DL programs for his or her enrollment at an organization of advanced schooling, or might have been had they been enrolled on at the least a half-time foundation; (2) lent a minumum of one personal training loan for such enrollment; and (3) have actually the average modified gross earnings that doesn’t meet or exceed their total training financial obligation.

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

    Needs borrowers to utilize for such loans within one of this Act’s enactment year.

    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 personal training loans to your Secretary of Education for consolidation as Direct Consolidation Loans.

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

    Amends name IV for the HEA to direct the Secretary of Education to pay for the attention that accrues on unsubsidized FFELs and DLs which are deferred because of pupil debtor’s absence of full-time work.

    Needs the Secretary to cover the attention that accrues on Federal Consolidation Loans which are in deferment because of a debtor’s absence of full-time work, offered the program for such that loan is gotten on or following the date with this Act’s enactment.

    Directs the Secretary to pay for the attention that accrues on FFELs and DLs which can be susceptible to income-based payment conditions and so are in deferment because of a debtor’s shortage of full-time work.

    Limitations these deferment that is interest-free to those occurring on or following the date with this Act’s enactment and addressing a maximum of 3 years of full-time jobless.

    Excludes from a debtor’s taxable earnings the key and interest on FFELs and DLs this is certainly forgiven pursuant to repayment that is income-based.

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