S. 3584 · 115th Congress
Affordable Loans for Any Student Act
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
MerkleySponsor9 cosponsors · 9 D
D
Baldwin
RB
D
Blumenthal
BC
D
Cardin
CC
D
Cortez Masto
KG
D
Gillibrand
DS
D
Stabenow
BS
D
Schatz
CV
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Van Hollen
RW
D
Wyden7 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Higher Education Act of 1965 to revise requirements concerning repayment options for student loan borrowers.
What it does: CRS summary · Introduced in Senate · Oct 11, 2018
Affordable Loans for Any Student Act
This bill amends the Higher Education Act of 1965 to revise requirements concerning repayment options for student loan borrowers. For instance, the bill terminates interest capitalization and origination fees for Federal Direct Loans, provides assistance to low-income borrowers or borrowers who are delinquent on loan payments, and replaces the existing income-based repayment plans with two new plans. Under the new plans, borrowers may choose: (1) a fixed repayment plan with equal monthly payments paid over a period of 10 years; or (2) an income-based repayment plan with monthly payments equal to 10% percent of their income above a poverty level. The income-based plan is capped at 20 years of payments.
The bill also revises requirements concerning student loan disclosures and student loan counseling for borrowers.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Affordable Loans for Any Student Act
Latest action (Oct 11, 2018): Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Policy area: Education · Origin: Senate · Introduced: Oct 11, 2018
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.