Sponsor: Rep. Chu, Judy D-CA
Cosponsors: 16 (0 R; 16 D)
NASFAA research & 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 income-based payment plan eligibility to Parent PLUS loans.
S. 1845 – Whether Or Not It’s Adequate For the Banking Institutions, It’s Adequate 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 rates of interest once the loans banking institutions get through the government that is federal. The interest that is refinanced will be fixed for the 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 direct loan interest prices, loan payment, and loan forgiveness. It can begin a 10/10 Loan Repayment Arrange in which monthly premiums could be set at 10percent of a borrower’s modified income that is gross 150% of this poverty line. Borrowers can put on to have as much as $45,520 of pupil financial obligation forgiven after ten years of consecutive re re re payments. This debt that is forgiven be excluded from taxable earnings. The balance would additionally cap direct loan interest prices at 3.4%. It might lower the Public Service Loan Forgiveness (PSLF) payment requirements from 120 to 60 consecutive payments that are monthly. The bill would provide the choice 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 research & Coverage: This bill would provide interest-free deferment on figuratively speaking for borrowers serving in certain medical or dental internships or residency programs.
H.R. 3139 – giving support to the training career through Revitalizing opportunities in Valuable 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 teachers. Under this bill, instructors whom hold jobs in English as being a 2nd language, unique training, STEM, or job and technical training, could be eligible for a yearly 15% financial obligation forgiveness throughout the very very first 5 years of payment while having their full financial obligation forgiven within their sixth 12 months of payment. For instructors that do perhaps not hold a situation in those topics, they could qualify a yearly 10% forgiveness for the very very first six several years of payment and get debt that is full within their 7th year cash call of payment. The bill would explain that potential or current early youth teachers could submit an application for A teach grant to get 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 research & Coverage: This bill would reinstate subsidized loan eligibility for graduate and professional students and allows student financial obligation become released under bankruptcy. Under this bill, borrowers could refinance Direct loans and refinance FFEL loans as refinanced loans that are direct. Furthermore, this bill would begin a Federal Direct Refinanced Private Loan Program which may enable borrowers to refinance personal loans to really have the exact exact same stipulations as federal direct unsubsidized loans. The balance would reform loan forgiveness programs by expanding eligibility for adjunct faculty and would provide 50% financial obligation forgiveness to pupils whom make 60 consecutive monthly obligations in the general public Service Loan Forgiveness (PSLF) system. If enacted, partial forgiveness would additionally be retroactive. This bill would additionally reduce steadily the amount of payment plan options: borrowers will have the possibility for a regular 10-year payment plan, or an income-based payment plan. Income-based payment plans will be extended as much as 25 years while the modified gross earnings limit to be eligible for $0 month-to-month loan re re re payments could be increased from 150 to 225percent associated with the nationwide poverty degree.