Sponsor: Rep. Turner [R-OH]
Cosponsors: 1 (1D; 0R)
NASFAA Summation & Analysis: After completing an application for refinancing for an eligible federal student loan, the borrower would be able to refinance their loan’s interest rate to the interest rate for current new borrowers at the same time of the application. The bill would also ensure that refinancing loans does not affect a borrower’s monthly payment count on IDR repayment payday loan places in Jackson Louisiana plans and PSLF plans.
S.2596 – Financing Operate off 2021
Sponsor: Sen. Rubio [R-FL]
NASFAA Summary & Analysis: This bill would eliminate interest and replace it with a one-time, non-compounding origination fee that borrowers will pay over the life of the loan. For borrowers who pay off their loans faster than the established repayment plan’s time limit, ED could credit or refund borrowers a calculated amount of the financing fee. The bill would also allow only two repayment plan options, the standard 10-year repayment plan, and an income driven repayment plan, to be created with this bill. Borrowers would automatically be placed in the IDR plan, but can elect to move to the standard repayment plan.
H.Roentgen.4797 – Education loan Rescue Work
Sponsor: Rep. Carter [D-LA]
NASFAA Bottom line & Analysis: This bill would require the Department of Education to forgive $50,000, or the aggregate of a borrower’s balance, whichever is less, of federal student loan debt for all borrowers. If the borrower has more than $50,000 in student loan debt, the Department is instructed to forgive the loans with the highest interest rates first. Any amount forgiven would be excluded from taxable income. Members of Congress would be ineligible for this program.
H.Roentgen.4727 – Base K so you’re able to Profession Operate
Sponsor: Rep. Read More