H.R. 4652 · 114th Congress
Clarity in Lending for Education and Repayment 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.
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TakaiSponsor19 cosponsors · 19 D
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Brady
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Boyle
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Clarke
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Chu
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Honda
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Jackson Lee
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Lee
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Lieu
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Moore
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Nolan
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Norton
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Pallone
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Rangel
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Schakowsky
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Watson Coleman
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Grijalva
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Takano
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Larsen
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DeSaulnier15 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Clarity in Lending for Education and Repayment Act or the CLEAR Act
What it does: CRS summary · Introduced in House · Feb 29, 2016
Clarity in Lending for Education and Repayment Act or the CLEAR Act
This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to revise federal student loan repayment plan options for new borrowers of Direct Loan (DL) program loans issued on or after July 1, 2016.
Specifically, the bill terminates several existing repayment plan options, including the graduated, extended, income-contingent, and income-based repayment plans. It retains the existing standard repayment plan and establishes a new revised pay-as-you-earn repayment plan that, among other things, caps monthly payments at 10% of discretionary income and sets a 20-year maximum repayment period.
A new borrower of a DL program subsidized Stafford, unsubsidized Stafford, PLUS, or consolidation loan issued on or after July 1, 2016, must enroll in the standard or revised pay-as you earn repayment plan.
The Department of Education must consult with students, family members, institutions of higher education, and other experts to improve the required disclosures with respect to federal Direct Loans.
Finally, the bill amends the Internal Revenue Code to exclude from an individual's gross income the amount of federal student loans discharged due to the death or disability of the student.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Clarity in Lending for Education and Repayment Act
Also known as: CLEAR Act
Latest action (Sep 19, 2016): Referred to the Subcommittee on Higher Education and Workforce Training.
Policy area: Education · Origin: House · Introduced: Feb 29, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.