H.R. 5055 · 111th Congress
College Debt Swap Act of 2010
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
FudgeSponsor4 cosponsors · 4 D
3 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
College Debt Swap Act of 2010 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to allow certain borrowers to consolidate their private education loans as Direct Consolidation Loans.
What it does: CRS summary · Introduced in House · Apr 15, 2010
College Debt Swap Act of 2010 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to allow certain borrowers to consolidate their private education loans as Direct Consolidation Loans.
Limits such borrowers to those who: (1) are not in default on a loan made, insured, or guaranteed under title IV, except in certain instances of economic hardship; (2) were enrolled, between July 1, 1994, and July 1, 2010, as students eligible for unsubsidized Stafford loans or PLUS loans under the Federal Family Education Loan or Direct Loan programs; (3) borrowed at least one private education loan during such enrollment period; (4) are repaying their private education loan or are in a grace period preceding such repayment; (5) do not have an adverse credit history; and (6) have not previously obtained a Direct Consolidated Loan under title IV.
Makes the program applicable only to private education loans disbursed to borrowers between July 1, 1994, and July 1, 2010.
Directs the Secretary of Education to inform and educate students and their families about this loan consolidation program.
Terminates the authority to make Consolidation loans under such program on June 30, 2012.
Authorizes and appropriates additional funds for Pell Grant increases for FY2011-FY2012.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: College Debt Swap Act of 2010
Latest action (Apr 30, 2010): Referred to the Subcommittee on Higher Education, Lifelong Learning, and Competitiveness.
Policy area: Education · Origin: House · Introduced: Apr 15, 2010
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.