H.R.1330 – education loan Fairness Act 113th Congress (2013-2014)
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Summary: H.R.1330 вЂ” 113th Congress (2013-2014) All Information (Except Text)
There was one summary for H.R.1330. Bill summaries are authored by CRS.
Shown Right Right Here: Introduced in Home (03/21/2013)
Student Loan Fairness Act – Amends name IV (Student Assistance) of this advanced schooling Act of 1965 (HEA) to ascertain a 10/10 Loan Repayment Arrange that enables borrowers of Federal Family Education Loans (FFELs) and Direct Loans (DLs) to restrict their payment on such loans to one-twelfth of 10% regarding the quantity through which their modified gross earnings and that of the partner (if relevant) surpasses 150% for the poverty level that is federal.
Establishes a 10/10 Loan Forgiveness Program that delivers FFEL and DL forgiveness to borrowers whom, following the date that is 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 which will make re re 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 as a result of a hardship that is economic months which is why re payment had been created for purposes of this 10/10 Loan Forgiveness Program.
Caps the total amount of loan forgiveness that the system will give you to people who become brand brand brand new borrowers following the date of the Act’s enactment.
Caps the interest on brand brand new DLs at 3.4per cent.
Amends the general public service employee loan forgiveness system to forgive the DLs of participants that have made 60 (presently, 120) monthly obligations on such loans pursuant to specified repayment plans.
Includes main care doctors in clinically underserved areas into the public service employee loan forgiveness system.
Allows specific borrowers to combine their personal training loans as Direct Consolidation Loans, supplied the personal loans had been made on or ahead of the date of the Act’s enactment.
Limitations such borrowers to those that: (1) had been pupils qualified to receive unsubsidized Stafford loans or PLUS loans beneath the FFEL or DL programs because of their enrollment at an organization of advanced schooling, or will have been had they been enrolled on at the least a basis that is half-time (2) lent one or more personal training loan for such enrollment; and (3) have 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 use for such loans within one of this Act’s enactment year.
Amends the reality in Lending Act to direct the Bureau of customer Financial Protection (CFPB) to issue regulations that need personal training loan providers to offer 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 covered such loans.
Amends name IV regarding the HEA to direct the Secretary of Education to pay for the attention that accrues on unsubsidized FFELs and DLs which can be deferred as a result of pupil debtor’s absence of full-time work.
Needs the Secretary to cover the attention that accrues on Federal Consolidation Loans which can be in deferment because of a borrower’s shortage of full-time work, supplied the application form for such that loan is received on or following the date with this Act’s enactment.
Directs the Secretary to pay for the attention payday loans Hawaii that accrues on FFELs and DLs which can be susceptible to income-based payment conditions and they are in deferment because of a debtor’s absence of full-time work.
Limitations these deferment that is interest-free to those occurring on or following the date with this Act’s enactment and addressing a maximum of 36 months 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.