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H.R. 3257 · 116th Congress

Student Loan Fairness Act

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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

KBD BassSponsor
20 cosponsors · 20 D

This bill addresses repayment plans, forgiveness, and applicable interest rates for student loans.

What it does: CRS summary · Introduced in House · Jun 13, 2019

Student Loan Fairness Act

This bill addresses repayment plans, forgiveness, and applicable interest rates for student loans.

Among other things, the bill

  • establishes an income-based 10/10 Loan Repayment Plan and specifies the calculation of monthly loan payments under the plan for borrowers of Federal Family Education Loans (FFELs) and Direct Loans;
  • establishes a 10/10 Loan Forgiveness Program that provides FFEL and Direct Loan forgiveness to borrowers who, over 10 years, have made 120 monthly payments under the 10/10 Loan Repayment Plan or under another repayment plan that required them to make payments at least as large as those they would have made under the 10/10 Loan Repayment Plan;
  • caps the interest rate on new Direct Loans at 3.4%;
  • revises the Public Service Loan Forgiveness (PSLF) program to forgive the Direct Loans of participants who have made 60 (rather than 120) monthly payments on such loans pursuant to specified repayment plans;
  • includes primary care physicians in medically underserved areas in the PSLF program;
  • allows certain borrowers to consolidate their private education loans as Direct Consolidation Loans;
  • directs the Consumer Financial Protection Bureau to issue regulations that require private education lenders to sell private education loans to the Department of Education (ED) for consolidation as Direct Consolidation Loans; and
  • requires ED to pay the interest that accrues on certain student loans due to the borrower's lack of full-time employment for an interest-free deferment period of up to three years.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Student Loan Fairness Act

Latest action (Jun 13, 2019): Referred to the Committee on Education and Labor, and in addition to the Committees on Financial Services, and Ways and Means, 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: Jun 13, 2019

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.