H.R.1330 – education loan Fairness Act 113th Congress (2013-2014)
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Overview: H.R.1330 вЂ” 113th Congress (2013-2014) All Information (Except Text)
There is certainly one summary for H.R.1330. Bill summaries are authored by CRS.
Shown Right Right Here: Introduced in Home (03/21/2013)
Education loan Fairness Act – Amends name IV (Student Assistance) of this degree Act of 1965 (HEA) to determine a 10/10 Loan Repayment Arrange that enables borrowers of Federal Family Education Loans (FFELs) and Direct Loans (DLs) to restrict their payment per month on such loans to one-twelfth of 10% associated with quantity through which their modified gross earnings and that of the partner (if relevant) surpasses 150% of this poverty level that is federal.
Establishes a 10/10 Loan Forgiveness Program that delivers FFEL and DL forgiveness to borrowers whom, following the date this is certainly a decade prior to the date of the Act’s enactment, are making 120 monthly obligations under the 10/10 Loan Repayment Plan or under another payment plan that needed them to create re re payments at the very lesincet as big as those they might are making beneath the 10/10 Loan Repayment Plan.
Credits the months during which a person is with in deferment because of a economic difficulty as months which is why re payment ended up being created for purposes of this 10/10 Loan Forgiveness Program.
Caps the quantity of loan forgiveness that the scheduled system provides to people who become brand brand new borrowers following the date with this Act’s enactment.
Caps the rate of interest on brand brand new DLs at 3.4per cent.
Amends the general public solution employee loan forgiveness program to forgive the DLs of participants who possess made 60 (presently, 120) monthly obligations on such loans pursuant to specified repayment plans.
Includes care that is primary in clinically underserved areas when you look at the public service employee loan forgiveness system.
Allows particular borrowers to combine their personal training loans as Direct Consolidation Loans, supplied the personal loans had been made on or prior to the date with this Act’s enactment.
Limitations such borrowers to those that: (1) had been pupils qualified to receive unsubsidized Stafford loans or PLUS loans underneath the FFEL or DL programs because of their enrollment at an organization of degree, or could have been had they been enrolled on at the very least a half-time foundation; (2) lent one or more personal training loan for such enrollment; and (3) have actually the average modified gross earnings that will not surpass their total training financial obligation.
Caps the rate of interest on those Direct Consolidation Loans at 3.4per cent.
Needs borrowers to try to get such loans within one 12 months for this Act’s enactment.
Amends the reality in Lending Act to direct the Bureau of customer Financial Protection (CFPB) to issue regulations that want personal training loan providers to market education that is private to your Secretary of Education for consolidation as Direct Consolidation Loans.
Sets forth the information to be utilized in determining the cost taken care of such loans.
Amends name IV associated with HEA to direct the Secretary of Education to cover the attention that accrues on unsubsidized FFELs and DLs which can be deferred because of a learning pupil debtor’s shortage of full-time work.
Needs the Secretary to cover the attention that accrues on Federal Consolidation Loans which are in deferment because of a debtor’s lack of full-time work, supplied the application form for such that loan is gotten on or following the date of the Act’s enactment.
Directs the Secretary to pay for the attention that accrues on FFELs and DLs which can be at the mercy of income-based payment conditions as they are in deferment because of a debtor’s absence of full-time work.
Limitations these interest-free deferment durations to those occurring on or following the date for this Act’s enactment and addressing a maximum of 3 years of full-time jobless.
Excludes from a debtor’s taxable earnings the key and interest on FFELs and DLs that is forgiven pursuant to repayment that is income-based.