H.R. 3786 · 114th Congress
Student Loan Fair Prepayment Act
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
DavisSponsor6 cosponsors · 6 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to require a student loan borrower's prepayment amount on a Federal Family Education Loan, Federal Direct Loan, or Federal Perkins Loan to be applied first toward outstanding fees and then, unless a borrower requests otherwise, in the following order: (1) toward the principle…
What it does: CRS summary · Introduced in House · Oct 21, 2015
Student Loan Fair Prepayment Act
This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to require a student loan borrower's prepayment amount on a Federal Family Education Loan, Federal Direct Loan, or Federal Perkins Loan to be applied first toward outstanding fees and then, unless a borrower requests otherwise, in the following order: (1) toward the principle due on the loan with the highest interest rate, if multiple loans have different interest rates; and (2) toward the principle due on the loan with the highest balance, if multiple loans have the same interest rate.
Additionally, it amends the Truth in Lending Act to require a borrower's prepayment amount on a private education loan to be applied first toward outstanding fees and then, unless a borrower requests otherwise, in the following order: (1) toward the principle due on the loan with the highest interest rate, if multiple loans have different interest rates; and (2) toward the principle due on the loan with the highest balance, if multiple loans have the same 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 23, 2016): Referred to the Subcommittee on Higher Education and Workforce Training.
Policy area: Education · Origin: House · Introduced: Oct 21, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.