H.R. 4236 · 113th Congress
Student Loan Fair Prepayment Act
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Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
DavisSponsor4 cosponsors · 3 D, 1 R
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Student Loan Fair Prepayment Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require that when the holder of a borrower's loans under the Federal Family Education Loan (FFEL) or William D.
What it does: CRS summary · Introduced in House · Mar 13, 2014
Student Loan Fair Prepayment Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require that when the holder of a borrower's loans under the Federal Family Education Loan (FFEL) or William D. Ford Federal Direct Loan (DL) programs receives a prepayment for such loans, it is to be applied first toward any fees due on such loans and then, unless the borrower requests otherwise, toward the principal due on the loan that bears the highest interest rate.
Makes that requirement inapplicable to income-based or income contingent repayment plans for FFELs or DLs.
Requires an institution of higher education holding a borrower's loans under the Federal Perkins Loan program to first apply any excess payments by the borrower toward any fees due on such loans and then, unless the borrower requests otherwise, toward the principal due on the loan that bears the highest interest rate.
Amends the Truth in Lending Act to require a private education loan holder that holds more than one private education loan for a borrower to apply any prepayments on those loans first toward any fees due on such loans and then, unless the borrower requests otherwise, toward the principal due on the loan that bears the highest interest rate.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Student Loan Fair Prepayment Act
Latest action (Mar 13, 2014): Referred to the Committee on Education and the Workforce, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Policy area: Education · Origin: House · Introduced: Mar 13, 2014
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.