September 29, 2022

In this article, you can find proposals to change or customize the techniques wherein college students borrow and you may pay the loans

3 min read

In this article, you can find proposals to change or customize the techniques wherein college students borrow and you may pay the loans

Recruit: Rep. Krishnamoorthi [D-IL]
Cosponsors: 0
Put:
NASFAA Realization & Analysis: This bill would allow borrowers eligible for and enrolled in the Public Service Loan Forgiveness program to have a portion of their loans forgiven at different intervals dependent on the amount of eligible monthly payments they’ve made. The first forgiveness of 10 percent of the borrowers balance would come after 48 monthly payments, 20 percent after 72 monthly payments, and 50 percent after 96 monthly payments. The borrower would have to be actively employed in the PSLF eligible job when receiving the forgiveness, and be employed at an eligible PSLF job when the payments had been made. Borrowers who take advantage of these allowances would still be eligible to have their loans fully forgiven under the PSLF program as it stands after 10 years.

*NEW* S.3658 – Citizen Studies Deferred Appeal (REDI) Act

Sponsor: Sen. Rosen [D-NV]
Cosponsors: 1 (0D; 1R)
Introduced:
NASFAA Summary & Analysis: This bill would allow borrowers in a medical or dental residency program to have the interest and payments on their student loans deferred.

*NEW* H.R.6749 – Clean Slate using Fees Act regarding 2022

Sponsor: Rep. Ross [D-NC]
Cosponsors: 11 (11D; 0R)
Introduced:
NASFAA Summary & Analysis: This bill would remove the record of default on a borrower’s credit history upon total repayment of the full amount due.

*NEW* H.R.6708 – Education loan Relief Operate

Sponsor: Rep. Gonzalez [D-TX]
Cosponsors: 0
Introduced:
NASFAA Summation & Analysis: This bill would require the Department of Education to forgive a maximum of $25,000 for Federal student loan borrowers. The forgiven amount payday loans Shelbyville would be tax free.

H.Roentgen.6466 – Student loan Rehab and you may Credit rating Improve Act off 2022

Sponsor: Rep. Williams [D-GA]
Cosponsors: 18 (18D; 0R)
Introduced:
NASFAA Bottom line & Analysis: This bill would not only require the removal of the record of default from a borrower’s credit history report once they have rehabilitated their loans, but would require the removal of all adverse credit history related to the loan’s initial defaulted status.

H.Roentgen.6424 – Higher ED Act

Sponsor: Rep. DeFazio [D-OR]
Cosponsors: 0
Introduced:
NASFAA Bottom line & Analysis: This bill would reform the current federal loan program through a multitude of programs, including, reinstating federal subsidized loans to borrowers in graduate and professional programs and allowing borrowers to discharge their federal loans if they file for bankruptcy. The bill would also allow borrowers to refinance their federal and/or private student loans and include adjunct faculty in those eligible for public service loan forgiveness (PSLF). The PSLF program would also be amended to allow for annual cancellation of 10% of the total interest and principal for those who completed 12 months of eligible work and payments.

H.R.6125 – Zero Twice Personal debt getting Emergency Survivors Work off 2021

Sponsor: Rep. Carter [D-LA]
Cosponsors: 0
Introduced:
NASFAA Realization & Analysis: This bill would authorize the Secretary of Education to cancel outstanding student loan debt for Small Business Administration disaster loan borrowers as a result of the COVID-19 pandemic or a natural disaster. The amount of student loan debt cancelled would not exceed the amount of the SBA disaster loan.

H.Roentgen.5890 – Education loan Debtor Safety net Work out-of 2021

Sponsor: Rep. Bonamici [D-OR]
Cosponsors: 7 (7D; 0R)
Introduced:
NASFAA Summation & Investigation: This bill would require the Secretary of Education to create an outreach program to borrowers who will be entering repayment after the payment pause created by the COVID-19 pandemic, slated to begin would start at least 60 days prior to the restart of payments, and would include a minimum of 6 reach out attempts, including information like, when the borrower’s normal payment will begin and that the borrower may be eligible to enroll in an IDR plan. Special priority for notifications would be given to borrowers who had in the past five years missed a payment in the first three months of entering repayment, or had been in a non-administrative forbearance or deferment.

More Stories

Copyright © All rights reserved. | Newsphere by AF themes.