Sponsor: Rep. Chu, Judy D-CA
Cosponsors: 16 (0 R; 16 D)
NASFAA Analysis & Coverage: This bill would reinstate subsidized loan eligibility for graduate and professional pupils.
H.R. 3353 – Parent PLUS Loan Improvement Act of 2019
Sponsor: Rep. Fudge, Marcia L. D-OH
Cosponsors: 15 (1 R; 14 D)
NASFAA Analysis & Coverage: This bill would expand income-contingent and repayment that is income-based eligibility to Parent PLUS loans.
S. 1845 – Whether It’s Sufficient For the Banking Institutions, It’s Good Enough For Students Act
Sponsor: Sen. Merkley, Jeff D-OR
Cosponsors: 2 (0 R; 2 D)
NASFAA Analysis & Coverage: This bill would allow pupils to refinance federal loans during the exact exact same interest levels given that loans banks get through the government that is federal. The interest that is refinanced could be fixed when it comes to amount of the mortgage.
H.R. 3257 – Education Loan Fairness Act
Sponsor: Rep. Bass, Karen D-CA
Cosponsors: 20 (0 R; 20 D)
NASFAA research & Coverage: This bill would reform loan that is direct prices, loan payment, and loan forgiveness. It could establish a 10/10 Loan Repayment Arrange by which monthly obligations will be set at 10% of a debtor’s adjusted income that is gross 150% associated with the poverty line. Borrowers can use to have as much as $45,520 of student financial obligation forgiven after ten years of consecutive re re payments. This debt that is forgiven be excluded from taxable earnings. The bill would additionally cap direct loan interest prices at 3.4%. It might reduce steadily the Public Service Loan Forgiveness (PSLF) payment requirements from 120 to 60 consecutive payments that are monthly. The balance would provide the selection for borrowers to combine their personal loans under federal direct loan consolidation.
H.R. 3150 – Rural and Underserved Residencies to Attract long-lasting Physicians Act
Sponsor: Rep. Watkins, Steve R-KS
Cosponsors: 1 (0 R; 1 D)
NASFAA Analysis & Coverage: This bill would offer interest-free deferment on figuratively speaking for borrowers serving in some medical or dental internships or residency programs.
H.R. 3139 – giving support to the training career through Revitalizing assets in important Educators Act
Sponsor: Rep. Norcross, Donald D-NJ
Cosponsors: 1 (0 R; 1 D)
NASFAA research & Coverage: This bill would reform TEACH funds and loan forgiveness for instructors. Under this bill, instructors whom hold roles in English as being a 2nd language, unique training, STEM, or profession and technical training, could be eligible for a yearly 15% financial obligation forgiveness through the very very very first 5 years of payment and now have their full financial obligation forgiven within their sixth 12 months of repayment. For instructors that do perhaps not hold a situation in those topics, they could qualify a yearly 10% forgiveness for the very first six several years of repayment and get debt that is full within their 7th 12 months of payment. The bill would make clear that potential or present early youth instructors could make an application for A train grant to acquire a degree that is graduate.
H.R. 3102 – Helping people Get an advanced schooling while Reducing Education Debt (HIGHER ED) Act
Sponsor: Rep. DeFazio, Peter A. D-OR
NASFAA Analysis & Coverage: This bill would reinstate loan that is subsidized for graduate and professional pupils and allows pupil financial obligation become discharged under bankruptcy. Under this bill, borrowers could refinance Direct loans and refinance FFEL loans as refinanced Direct loans. Furthermore, this bill would begin a Federal Direct Refinanced Private Loan Program which will enable borrowers to refinance personal loans to really have the exact same stipulations as federal direct loans that are unsubsidized. The bill would reform loan forgiveness programs by expanding eligibility for adjunct faculty and would offer 50% financial obligation forgiveness to pupils whom make 60 consecutive payments that are monthly the general public Service Loan Forgiveness (PSLF) system. If enacted, partial forgiveness would additionally be retroactive. This bill would also lower the amount of payment plan choices: borrowers could have the choice for a regular 10-year payment plan, cash call business loans or an income-based payment plan. Income-based payment plans could be extended as much as 25 years additionally the modified gross earnings limit to qualify for $0 month-to-month loan re re re payments is increased from 150 to 225percent for the nationwide poverty degree.