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Fairness in Student Loan Repayment Act
To provide borrowers of Federal Family Education Loans with the repayment terms available to borrowers of Federal Direct Loans, and for other purposes.
Summary
This bill would allow borrowers with Federal Family Education Loans to access the same repayment options available to borrowers with Federal Direct Loans. Currently, these two types of federal student loans have different repayment programs available. The bill would require the Department of Education to make payments to loan holders as needed to apply the Direct Loan repayment programs to Federal Family Education Loans. It also modifies rules related to consolidation loans. The goal is to provide more consistent repayment options across different federal student loan types.
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)
- Rep. Garcia, Joe [D-FL-26] (D-FL)
4 cosponsors
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)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
September 18, 2014
Mr. Garcia (for himself, Mr. Hastings of Florida, Mr. Murphy of Florida, and Mr. Payne) introduced the following bill; which was referred to the Committee on Education and the Workforce
A BILL
To provide borrowers of Federal Family Education Loans with the repayment terms available to borrowers of Federal Direct Loans, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Fairness in Student Loan Repayment Act”.
SEC. 2. REPAYMENT TERMS FOR FEDERAL FAMILY EDUCATION LOANS.
(a) In General.—Section 455 of the Higher Education Act of 1965 (20 U.S.C. 1087e) is amended by adding at the end the following new subsection:
“(r) Repayment Terms for Federal Family Education Loans.—
“(1) Applicability of programs available under this section.—The Secretary shall apply subsections (d), (e), (f),
(l), (m), and (o) to all loans made under part B as if such loans were made under this part.
“(2) Payment of balance and interest.—In carrying out paragraph (1), the Secretary shall pay to the holder of a loan made under part B the amount of principal, interest, or special allowance payments necessary to apply subsections (d), (e),
(f), (l), (m), and (o) to such loan, as appropriate.”.
(b) Consolidation Loans.—Section 428C(a)(3)(B)(i) of the Higher Education Act of 1965 (20 U.S.C. 1087-3(a)(3)(B)(i)) is amended—
(1) in subclause (III), by striking the semicolon and inserting “; and”;
(2) in subclause (IV), by striking “; and” and inserting a period; and
(3) by striking subclause (V). <all>
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