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To amend the Higher Education Act of 1965 to eliminate origination fees for Federal Direct Loans.
To amend the Higher Education Act of 1965 to eliminate origination fees for Federal Direct Loans.
Summary
This bill eliminates origination fees for Federal Direct Loans under the Higher Education Act. Origination fees are upfront charges deducted from federal student loan disbursements that borrowers are required to pay. The bill repeals the authority for the Department of Education to charge these fees on any new Federal Direct Loans. The change becomes effective for loans where the first disbursement of funds occurs on or after July 1, 2015, and applies to standard Federal Direct Loans as well as Federal Direct Consolidation Loans.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
Actions (3)
- Nov 17, 2014 Referred to the Subcommittee on Higher Education and Workforce Training. · house
- Sep 18, 2014 Referred to the House Committee on Education and the Workforce. · house
- Sep 18, 2014 Introduced in House
Similar bills (6)
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Full text
IN THE HOUSE OF REPRESENTATIVES
September 18, 2014
Mrs. Davis of California introduced the following bill; which was referred to the Committee on Education and the Workforce
A BILL
To amend the Higher Education Act of 1965 to eliminate origination fees for Federal Direct Loans.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. ELIMINATION OF ORIGINATION FEES FOR FEDERAL DIRECT LOANS.
(a) Sense of Congress.—It is the sense of Congress that no origination fees should be charged on any future Federal Direct Loans.
(b) Repeal of Origination Fees.—Subsection (c) of section 455 (20 U.S.C. 1087e(c)) is repealed.
(c) Effective Date.—The amendment made by subsection (b) shall apply with respect to loans made under part D of title IV of the Higher Education Act of 1965 (20 U.S.C. 1087a et seq.) for which the first disbursement of principal is made, or, in the case of a Federal Direct Consolidation Loan, the application is received, on or after July 1, 2015. <all>
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