Legislative Tracker: Loan Repayment
On this page, you'll find proposals to improve or modify the process by which students borrow and repay their loans.
H.R.1202 — REDI Act
Sponsor: Babin [Rep.-R-TX]
Introduced: 02/27/2023
NASFAA Summary & Analysis: This bill would allow borrowers in a medical or dental residency program to have the interest and payments on their student loans deferred while in such programs.
S.469/H.R.1125 — Student Transparency for Understanding Decisions in Education Net Terms (STUDENT) Act
Sponsors: Ernst [Sen.-R-IA] & Feenstra [Rep.-R-IA]
Introduced: 02/16/2023
NASFAA Summary & Analysis: This bill would require the disclosure by the lender of the total amount of interest that would be paid over the life of the loan based on a standard 10-year repayment plan.
S.462 — Mental Health Professionals Workforce Shortage Loan Repayment Act of 2023
Sponsor: Smith [Sen.-D-MN]
Introduced: 02/16/2023
NASFAA Summary & Analysis: This bill would repay up to $250,000 in eligible student loans for mental health professionals who work in mental health professional shortage areas. It would repay one-sixth of an individual’s eligible loans for each year of service.
H.R.644 — Student Loan Borrower Safety Net Act of 2023
Sponsor: Rep. Bonamici [D-OR]
Introduced: 01/31/2023
NASFAA Summary & Analysis: This bill would require that ED reach out to borrowers at least six different times after the COVID-19 payment pause ends through phone, mail, or electronic communication. These notices will include information about when the borrower is set to begin repayment, a borrower's eligibility to enroll in an IDR plan, the option for a defaulted borrower to participate in Fresh Start, and the option to either rehabilitate or consolidate their loans. ED will prioritize their communications with vulnerable groups of borrowers, such as those who were in forbearance or deferment prior to the COVID-19 pandemic. Additionally, this bill would allow for written/verbal enrollment and income-certification for IDR. It would also make these flexibilities last for a year after payments resume.
Publication Date: 3/21/2023