H.R. 3947 · 114th Congress
Student Loan Payment Optimization Act
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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
DeutchSponsor3 cosponsors · 3 D
0 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 and the Truth in Lending Act to establish rules that lenders must follow regarding the overpayment and underpayment of student loan payments for borrowers with one or more loans that are grouped together.
What it does: CRS summary · Introduced in House · Nov 5, 2015
Student Loan Payment Optimization Act
This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 and the Truth in Lending Act to establish rules that lenders must follow regarding the overpayment and underpayment of student loan payments for borrowers with one or more loans that are grouped together. These rules are applicable to the Federal Family Education Loan and the William D. Ford Federal Direct Loan programs, except for income-based repayment plans, and federal Perkins Loans.
The bill requires lenders to apply payments that are more than the monthly payment amount towards any outstanding fees owed and then towards the principal due on the loan that bears the highest interest rate. In addition, lenders must apply payments that are less than the monthly payment amount towards any outstanding fees owed and then towards the loan with the smallest balance of principal and interest combined unless the borrower requests otherwise.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Student Loan Payment Optimization Act
Latest action (Mar 23, 2016): Referred to the Subcommittee on Higher Education and Workforce Training.
Policy area: Education · Origin: House · Introduced: Nov 5, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.