H.R. 8472 · 117th Congress
LOAN Act of 2022
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
LuriaSponsorNo cosponsors.
Leveraging Opportunities for Americans Now Act of 2022 or the LOAN Act of 2022
What it does: CRS summary · Introduced in House · Jul 21, 2022
Leveraging Opportunities for Americans Now Act of 2022 or the LOAN Act of 2022
This bill revises interest rates and repayment plans for federal student loans.
Specifically, the bill directs the Department of Education (ED) to set the interest rate on federal student loans made on or after July 1, 2022, at 0% and replace the interest with a one-time financing fee.
Further, the bill permits ED to credit or refund borrowers who pay the balance of their loan earlier than required by their repayment plan with the amount of the financing fee.
In addition, the bill establishes an income-dependent education assistance repayment plan as the default repayment plan for federal student loans. A borrower may select either this new plan or a 10-year fixed repayment plan.
ED must calculate annual repayment amounts and provide annual statements to borrowers.
The Department of the Treasury must transmit tax information to ED as necessary to determine a borrower's repayment obligations and financing fee adjustments.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: LOAN Act of 2022
Also known as: Leveraging Opportunities for Americans Now Act of 2022
Latest action (Jul 21, 2022): Referred to the Committee on Education and Labor, and in addition to the Committee on 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: Jul 21, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.