Sponsor: Rep. Lawson, Jr D-FL
Cosponsors: 4 (4D; 0R)
NASFAA review & Coverage: This bill would expand the repayment that is six-month duration for several Federal Direct Loans to a single 12 months. It freezes rate of interest on these loans with this elegance duration.
H.R. 4113 – Public Provider Takes Care Of Act
Sponsor: Rep. Horn D-OK
NASFAA review & Coverage: This bill will allow borrowers enrolled in the service that is public forgiveness (PSLF) program to own their loan quantities forgiven intermittently at set markers. For instance, after doing a couple of years of qualified work along with making on time, eligible, repayments throughout that time, the debtor would get 15% of this total quantity due on the qualified federal loans terminated. Another 15%, after 6 years another 20%, at 8 years another 20% and after 10 years the remainder, if any of the loan amount would be forgiven after 4 years.
H.R. 4079 – succeed Act of 2019
Sponsor: Rep. Zeldin R-NY
NASFAA research & Coverage: This comprehensive bill would get rid of the Direct Loan Program and alternatively establish an “Income Dependent Education Assistance (CONCEPT)” Loan Program. The program that is new add a universal income-based payment component with automatic wage withholding whilst the process for payment.
H.R. 3926 – Consider Instructors Act
Sponsor: Rep. Visclosky D-IN
NASFAA research & Coverage: This bill would correct the difficulties in the EDUCATE grant system that allowed some funds to be accidentally converted into loans that has to back be paid with interest. The bill would require also the Department of Education (ED) to yearly, for a passing fancy date every year, provide communication with recipients which explains the conditions and terms associated with grant, the quantity of service ED has counted towards the recipients service responsibility, info on the quantity of interest which could accrue and therefore the receiver would be necessary to spend if such grant is addressed as financing and also other information that is pertinent.