H.R. 4119 – Education Loan Deferment Act

Sponsor: Rep. Lawson, Jr D-FL
Cosponsors: 4 (4D; 0R)
Introduced: 07/30/2019
NASFAA review & Coverage: This bill would expand the repayment that is six-month duration for many Federal Direct Loans to one 12 months. It freezes rate of interest on these loans with this elegance duration.

H.R. 4113 – Public Provider Takes Care Of Act

Sponsor: Rep. Horn D-OK
Cosponsors: 0
Introduced: 07/30/2019
NASFAA research & Coverage: This bill will allow borrowers signed up for the general public solution loan forgiveness (PSLF) program to own their loan quantities forgiven intermittently at set markers. The borrower would get 15% of the total amount due on their eligible federal loans cancelled for example, after completing 2 years of eligible employment as well as making on time, eligible, payments during that time. Another 15%, after 6 years another 20%, at 8 years another 20% and after 10 years the remainder, if any of the loan amount would be forgiven after 4 years.

H.R. 4079 – succeed Act of 2019

Sponsor: Rep. Zeldin R-NY
Cosponsors: 0
Introduced: 07/25/2019
NASFAA research & Coverage: This bill that is comprehensive get rid of the Direct Loan Program and rather establish an “Income Dependent Education Assistance (CONCEPT)” Loan Program. The brand new system would http://www.speedyloan.net/reviews/cashcall/ come with a universal income-based payment component with automatic wage withholding given that procedure for payment.

H.R. 3926 – Consider Instructors Act

Sponsor: Rep. Visclosky D-IN
Cosponsors: 0
Introduced: 07/23/2019
NASFAA review & Coverage: This bill would correct the issues in the EDUCATE grant system that permitted some funds to be unintentionally turned into loans that has to be repaid with interest. The bill would require also the Department of Education (ED) to yearly, on a single date every year, offer interaction with recipients which explains the stipulations of this grant, the total amount of service ED has counted to the recipients solution responsibility, all about the quantity of interest which could accrue and therefore the receiver will undoubtedly be necessary to spend if such grant is treated as that loan along with other relevant information.

H.R. 3887 – pupil Loan debt settlement Act of 2019

Sponsor: Rep. Clyburn D-SC
Cosponsors: 8 (8D; 0R)
Introduced: 07/23/2019
NASFAA research & Coverage: This bicameral legislation would expel as much as $50,000 in education loan financial obligation for everyone with home gross income at $100,000 or less. The bill would additionally mandate that any forgiveness gotten will never count as taxable earnings. Utilizing information currently offered to the us government about home revenues and outstanding education loan financial obligation ED could be able to offer automated termination. The bill would additionally enable student that is private to get loan cancellation by transforming their personal student education loans to federal student education loans through education loan refinancing.

H.R. 3833 – Streamlining Income-driven, workable re re Payments on Loans for Education (SIMPLE) Act

Sponsor: Rep. Bonamici D-OR
Cosponsors: 4 (2D; 2R)
Introduced: 07/18/2019
NASFAA review & Coverage: This bill would make an effort to assist at-risk borrowers avoid default by helping them sign up for income-driven payment plans to allow them to repay considering their economic ability. The balance would make use of information already on file during the U.S. Treasury to automates the process that is annual upgrading earnings information while signed up for these plans.

H.R. 3793 – Education Loan Accrual Help And Support Act

Sponsor: Rep. Horn D-OK
Cosponsors: 0
Introduced: 07/17/2019
NASFAA research & Coverage: The education loan Accrual help and support Act would reduce interest levels of most student that is federal, including PLUS programs, disbursed on or after July 1, 2020. The rate that is new be corresponding to the lesser of either the high yield associated with 10-year Treasury note auctioned during the final auction held ahead of such June 1 or 5%.

H.R. 3792 – Guaranteeing Respite After University Ends (GRACE) Act

Sponsor: Rep. Horn D-OK
Cosponsors: 0
Introduced: 07/17/2019
NASFAA Analysis & Coverage: For loans disbursed on or after July 1, 2020, the GRACE Act will allow loans that go into deferment not to gather interest through that time along with interest maybe not accrue for federal loans throughout the loans “grace” period before payment beings.

H.R. 3786 – Education Loan Reform Act

Sponsor: Rep. Perry R-PA
Cosponsors: 1 (0D; 1R)
Introduced: 07/16/2019
NASFAA review & Coverage: The pupil Loan Reform Act would encourage universites and colleges to cosign figuratively speaking by enabling participating organizations to provide lower rates of interest to student borrowers.

H.R. 3751 – No learning student Loan Interest Act

Sponsor: Rep. Swalwell D-CA
Cosponsors: 2 (2D; 0R)
Introduced: 07/15/2019
NASFAA review & Coverage: This bill, on enactment, would mandate that the Department of Education annually cancel or repay the attention on each student that is federal, and would lessen the interest of all federal education loan programs to 0%.

H.R. 3674 – Eliminating the Concealed Education Loan Tax Act

Sponsor: Rep. Davis D-CA
Cosponsors: 2 (1D; 1R)
Introduced: 07/10/2019
NASFAA review & Coverage: This bill, to which a friend bill had been introduced within the Senate in would eliminate student loan origination fees june.

S. 1947 – College for All Act of 2019

Sponsor: Sen. Sanders, Bernard I-VT
Cosponsors: 0
Introduced: 06/25/2019
H.R. 3472
Sponsor: Rep. Jayapal, Pramila D-WA
Cosponsors: 16 (0 R; 16 D)
Introduced: 06/25/2019
NASFAA research & Coverage: This comprehensive bit of legislation would create a grant program to states to remove tuition at public 4-year universities and colleges and tribal universities for students. The balance would cut rates of interest and enforce a pursuit rate limit of 1.88per cent for undergraduate, parent, and graduate borrowers, whilst also enabling borrowers to refinance loans during the interest that is current. Any excess income in the Direct Loan Program could be rerouted to the Pell give Program. The balance would can also increase Federal Work Study (FWS) authorized funding levels and revise the FWS allocation formula by detatching the “base guarantee” component when you look at the formula that is current. In addition, TRIO and GEAR UP would see increases to funding that is authorized.

H.R. 3448 – pupil financial obligation Cancellation Act of 2019

Sponsor: Rep. Omar, Ilhan D-MN
Cosponsors: 8 (0 R; 8 D)
Introduced: 06/24/2019
NASFAA review & Coverage: This bill would forgive qualified student that is federal, including Parent PLUS loan debt, consolidated loans, and funds treated as loans. The balance would additionally provide for the short-term purchase and forgiveness of personal student education loans. The debt that is forgiven be excluded from taxable earnings.