H.R. 4119 – Education Loan Deferment Act

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

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

Sponsor: Rep. Horn D-OK
Cosponsors: 0
Introduced: 07/30/2019
NASFAA review & Coverage: This bill will allow borrowers signed up for the general public solution loan forgiveness (PSLF) moneykey sign loan agreement program to own their loan quantities forgiven intermittently at set markers. As an example, after doing 24 months of eligible work along with making on time, eligible, repayments through that time, the debtor would get 15% for the total quantity due on the qualified federal loans terminated. After 4 years another 15%, after 6 years another 20%, at 8 years another 20% and after ten years the remainder, if some of the loan quantity will be forgiven.

H.R. 4079 – succeed Act of 2019

Sponsor: Rep. Zeldin R-NY
Cosponsors: 0
Introduced: 07/25/2019
NASFAA research & Coverage: This comprehensive bill would eradicate the Direct Loan Program and alternatively establish an “Income Dependent Education Assistance (CONCEPT)” Loan Program. The brand new system would incorporate a universal income-based repayment component with automatic wage withholding since the apparatus for payment.

H.R. 3926 – Consider Instructors Act

Sponsor: Rep. Visclosky D-IN
Cosponsors: 0
Introduced: 07/23/2019
NASFAA research & Coverage: This bill would correct the difficulties in the TRAIN grant system that permitted some funds to be accidentally converted into loans that have to back be paid with interest. The bill would additionally require the Department of Education (ED) to yearly, on a single date every year, offer interaction with recipients which explains the conditions and terms for the grant, the actual quantity of service ED has counted towards the recipients solution responsibility, home elevators the actual quantity of interest which could accrue and therefore the receiver would be needed to spend if such grant is treated as financing and also other relevant information.

H.R. 3887 – pupil Loan credit card debt relief Act of 2019

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

H.R. 3833 – Streamlining Income-driven, workable re 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 centered on their monetary cap ability. The bill would utilize information currently on file during the U.S. Treasury to automates the yearly procedure for 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 review & Coverage: The education loan Accrual help and support Act would reduce interest levels of all federal student education loans, including PLUS programs, disbursed on or after July 1, 2020. The brand new price would be corresponding to the lesser of either the high yield regarding the 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 research & Coverage: For loans disbursed on or after July 1, 2020, the GRACE Act will allow loans which go into deferment never to collect interest throughout that time in addition to 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 research & Coverage: The pupil Loan Reform Act would encourage universites and colleges to cosign figuratively speaking by enabling institutions that are participating provide reduced 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 research & Coverage: This bill, on enactment, would mandate that the Department of Education annually cancel or repay the attention for each federal education loan, and would decrease the rate of 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 research & Coverage: This bill, to which a friend bill had been introduced into the Senate in June, would expel student loan origination costs.

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 produce a program that is grant states to remove tuition at public 4-year universites and colleges and tribal universities for students. The bill would cut rates of interest and enforce a pursuit rate limit of 1.88percent for undergraduate, parent, and graduate borrowers, whilst also permitting borrowers to refinance loans during the current rates of interest. Any extra income in the Direct Loan Program will be rerouted to the Pell give Program. The bill would can also increase Federal Perform Study (FWS) authorized funding levels and revise the FWS allocation formula by detatching the “base guarantee” component when you look at the present formula. In addition, TRIO and GEAR UP would see increases to authorized financing amounts.

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 federal student education loans, including Parent PLUS loan financial obligation, consolidated loans, and funds addressed 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 income.