On this page, you'll find proposals to improve or modify the process by which students borrow and repay their loans.

*NEW* S.4094 — Stop Reckless Student Loan Actions Act of 2022

Sponsor: Sen. Thune [R-SD]
Cosponsors: 7 (0D; 7R)
Introduced: 04/27/2022
NASFAA Summary & Analysis: This bill would limit some of the authority of the President during national emergencies related to higher education actions. The legislation would end the current student loan repayment pause, prohibit the president from canceling student loans due to a national emergency, suspend the Secretary of Education from pausing loan repayment for more than 90-consecutive days as well as prohibit the Secretary from pausing repayment for households with annual incomes that exceed 400% of the federal poverty line. 

*NEW* H.R.7530 — Student Loan Borrower Relief Act

Sponsor: Rep. Wilson [D-FL]
Cosponsors: 21 (21D; 0R)
Introduced: 04/14/2022
NASFAA Summary & Analysis: This bill would update from the existing income-driven repayment plans and the public service loan forgiveness program. Income-driven repayment plans would have the time to forgiveness reduced from 25 years to 15 years and payments would not exceed 10% of the borrower's adjusted gross income over 250% of the poverty line. If the borrower's monthly payment amount is less than the amount of interest accrued, the interest would be canceled. This bill would also make sweeping changes to the PSLF program, canceling a portion of the borrowers loan debt after every 12 months of eligible employment.

*NEW* H.R.7465 — PSLF Payment Completion Fairness Act

Sponsor: Rep. Houlahan [D-PA]
Cosponsors: 3 (1D; 2R)
Introduced: 04/07/2022
NASFAA Summary & Analysis: This bill would remove the requirement that a borrower must be employed at the time of forgiveness for PSLF, even after making the required 120 payments. 

H.R.7288/S.3953 —Affordable Loans for Any Student Act

Sponsor: Rep. DeLauro [D-CT]
Cosponsors: 2 (2D; 0R)
Sponsor: Sen. Merkley [D-OR] 
Cosponsors: 9 (9D; 0R)
Introduced: 03/30/2022
NASFAA Summary & Analysis: This bill would overhaul the student loan repayment plans and create two repayment plans for borrowers to choose from. Under this bill there would be a Fixed Repayment Plan with equal monthly payments sufficient to repay the loan and any accrued interest over a period of 10 years or an Income-Based Repayment (IBR) Plan in which a borrower pays 10 percent of their income above a poverty level, capped at 20 years of payments. The bill would also end interest capitalization and origination fees on all loans and allow automatic recertification of income for borrowers enrolled in the IBR plan. It would combine deferment and forbearance into one option, called a "pause payment" that would not capitalize interest and allow options for loan rehabilitation. 

S.3865 — STUDENT Act

Sponsor: Sen. Ernst [R-IA]
Cosponsors: 2 (0D; 2R)
Introduced: 03/17/2022
NASFAA Summary & Analysis: This bill would provide student loan applicants with an estimate of the total amount of interest they would pay during or prior to accepting a loan. The interest accrual would be based on a standard 10-year repayment plan and the interest calculation would be required to be disclosed to a student, while or before the applicant takes out a loan.

S.3827 — Teacher Loan Forgiveness Improvement Act of 2022

Sponsor: Sen. Whitehouse [D-RI]
Cosponsors: 0
Introduced: 03/14/2022
NASFAA Summary & Analysis: This bill would increase the amount of loan forgiveness and loan cancellation available to teachers. This bill increases the amount of loan debt ED would forgive for teachers from $5,000 to $15,000 after the fifth complete school year of teaching. In addition, for teachers in mathematics, science, or special education, ED would increase the loan forgiveness from 17,500 to 30,000.

H.R.7058 — Federal Student Loan Integrity Act

Sponsor: Rep. Good [R-VA]
Cosponsors: 16 (0D; 16R)
Introduced: 03/11/2022
NASFAA Summary & Analysis: The bill would prevent the Secretary of Education from continuing to unilaterally extend the student loan repayment moratorium associated with the COVID-19 pandemic. 

H.R.7000 — Clean Slate through Consolidation Act

Sponsor: Rep. Stevens [D-MI]
Cosponsors: 3 (3D; 0R)
Introduced: 03/08/2022
NASFAA Summary & Analysis: This bill would remove default records from the credit history of federal student loan borrowers who have consolidated their defaulted loan.

H.R.6898 — Teacher Debt Relief Act

Sponsor: Rep. Hayes [D-CT]
Cosponsors: 4 (4D; 0R)
Introduced: 03/02/2022
NASFAA Summary & Analysis: This bill would allow educators to enroll concurrently in both the Teacher Loan Forgiveness program, which grants partial loan forgiveness after 5 years of service, as well as Public Service Loan Forgiveness program, which grants full loan forgiveness after 10 years of service. This would allow educators to have their loans fully forgiven after 10 years of service, instead of the current 15.

S.3658 — Resident Education Deferred Interest (REDI) Act

Sponsor: Sen. Rosen [D-NV]
Cosponsors: 1 (0D; 1R)
Introduced: 02/16/2022
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.

H.R.6749 — Clean Slate through Repayment Act of 2022

Sponsor: Rep. Ross [D-NC]
Cosponsors: 11 (11D; 0R)
Introduced: 02/15/2022 
NASFAA Summary & Analysis: This bill would remove the record of default on a borrower's credit history upon total repayment of the full amount due. 

H.R.6708 — Student Loan Relief Act

Sponsor: Rep. Gonzalez [D-TX]
Cosponsors: 0
Introduced: 02/11/2022
NASFAA Summary & Analysis: This bill would require the Department of Education to forgive a maximum of $25,000 for Federal student loan borrowers. The forgiven amount would be tax free.

H.R.6466 — Student Loan Rehabilitation and Credit Score Improvement Act of 2022

Sponsor: Rep. Williams [D-GA]
Cosponsors: 18 (18D; 0R)
Introduced: 01/20/2022
NASFAA Summary & Analysis: This bill would not only require the removal of the record of default from a borrower's credit history report once they have rehabilitated their loans, but would require the removal of all adverse credit history related to the loan's initial defaulted status. 

H.R.6424 — HIGHER ED Act

Sponsor: Rep. DeFazio [D-OR]
Cosponsors: 0
Introduced: 01/19/2022
NASFAA Summary & Analysis: This bill would reform the current federal loan program through a multitude of programs, including, reinstating federal subsidized loans to borrowers in graduate and professional programs and allowing borrowers to discharge their federal loans if they file for bankruptcy. The bill would also allow borrowers to refinance their federal and/or private student loans and include adjunct faculty in those eligible for public service loan forgiveness (PSLF). The PSLF program would also be amended to allow for annual cancellation of 10% of the total interest and principal for those who completed 12 months of eligible work and payments. 

H.R.6125 — No Double Debt for Disaster Survivors Act of 2021

Sponsor: Rep. Carter [D-LA]
Cosponsors: 0
Introduced: 12/02/2021
NASFAA Summary & Analysis: This bill would authorize the Secretary of Education to cancel outstanding student loan debt for Small Business Administration disaster loan borrowers as a result of the COVID-19 pandemic or a natural disaster. The amount of student loan debt cancelled would not exceed the amount of the SBA disaster loan. 

H.R.5890 — Student Loan Borrower Safety Net Act of 2021

Sponsor: Rep. Bonamici [D-OR]
Cosponsors: 7 (7D; 0R)
Introduced: 11/05/2021
NASFAA Summary & Analysis: This bill would require the Secretary of Education to create an outreach program to borrowers who will be entering repayment after the payment pause created by the COVID-19 pandemic, slated to begin February 2022. The program would start at least 60 days prior to the restart of payments, and would include a minimum of 6 reach out attempts, including information like, when the borrower's normal payment will begin and that the borrower may be eligible to enroll in an IDR plan. Special priority for notifications would be given to borrowers who had in the past five years missed a payment in the first three months of entering repayment, or had been in a non-administrative forbearance or deferment. 

S.2984 — State-Based Education Loan Awareness Act

Sponsor: Sen. Murkowski [R-AK]
Cosponsors: 4
Introduced: 10/07/2021
NASFAA Summary & Analysis: This bill would eliminate penalties and deterrents that prevent institutions from informing students about student loans offered by non-profit state agency lenders. 

S.2976 — Student Loan Repayment Freedom Act

Sponsor: Sen. Murkowski [R-AK]
Cosponsors: 2
Introduced: 10/07/2021
NASFAA Summary & Analysis: This bill would allow borrowers to switch between different repayment plans based on their situation without first being put into a forbearance or standard repayment plan while the transfer is made.

H.R.5126 — Combating Predatory Lending in Higher Education Act of 2021

Sponsor: Rep. Van Duyne [R-TX]
Cosponsors: 0
Introduced: 08/27/2021
NASFAA Summary & Analysis: This bill would now include PLUS loans made to graduate students and parents in the calculation for an institution's Cohort Default Rate (CDR) so that any default in these loans is now included in the calculation.

H.R.5084 — Student Loan Refinancing Act

Sponsor: Rep. Turner [R-OH]
Cosponsors: 1 (1D; 0R)
Introduced: 08/23/2021
NASFAA Summary & Analysis: This bill would allow eligible federal borrowers to refinance their federal loans when interest rates are reduced. After completing an application for refinancing for an eligible federal student loan, the borrower would be able to refinance their loan's interest rate to the interest rate for current new borrowers at the same time of the application. The bill would also ensure that refinancing loans does not affect a borrower’s monthly payment count on IDR repayment plans and PSLF plans.

S.2596 — LOAN Act of 2021

Sponsor: Sen. Rubio [R-FL]
Cosponsors: 0
Introduced: 08/04/2021
NASFAA Summary & Analysis: This bill would eliminate interest and replace it with a one-time, non-compounding origination fee that borrowers will pay over the life of the loan. For borrowers who pay off their loans faster than the established repayment plan’s time limit, ED could credit or refund borrowers a calculated amount of the financing fee. The bill would also allow only two repayment plan options, the standard 10-year repayment plan, and an income driven repayment plan, to be created with this bill. Borrowers would automatically be placed in the IDR plan, but can elect to move to the standard repayment plan.

H.R.4797 — Student Loan Relief Act

Sponsor: Rep. Carter [D-LA]
Cosponsors: 0
Introduced: 07/29/2021
NASFAA Summary & Analysis: This bill would require the Department of Education to forgive $50,000, or the aggregate of a borrower's balance, whichever is less, of federal student loan debt for all borrowers. If the borrower has more than $50,000 in student loan debt, the Department is instructed to forgive the loans with the highest interest rates first. Any amount forgiven would be excluded from taxable income. Members of Congress would be ineligible for this program.  

H.R.4727 — STEM K to Career Act

Sponsor: Rep. Swalwell [D-CA]
Cosponsors: 1 (1D; 0R)
Introduced: 07/27/2021
NASFAA Summary & Analysis: This bill seeks to open pathways to STEM careers for students and professionals. This bill would provide federal student loan forgiveness to elementary and secondary teachers who teach science, technology, engineering, or math. It would also permanently extend the $250 tax credit for teachers who buy school supplies for their classrooms and adds an additional $250 for STEM supplies. Additionally, it would offer certain employers a tax credit to employ paid STEM interns and apprentices. Lastly, it would require higher education institutions participating in the federal work study program to allocate at least seven percent of these funds to pay students working in STEM jobs. 

H.R.4725 — No Student Loan Interest Act

Sponsor: Rep. Swalwell [D-CA]
Cosponsors: 2 (2D; 0R)
Introduced: 07/27/2021
NASFAA Summary & Analysis: This bill seeks to significantly reduce the burden of interest charges on student loan borrowers. This bill would eliminate and forgive all interest charged on new and existing federal student loans and lower the interest rate to zero, effective July 1, 2021. 

H.R.4724/S.2478 — Strengthening Loan Forgiveness for Public Servants Act

Sponsor: Rep. Swalwell [D-CA]
Cosponsors: 9 (9D; 0R)
Sponsor: Sen. Blumenthal [D-CT]
Cosponsors: 4 (4D; 0R)
Introduced: 07/27/2021
NASFAA Summary & Analysis: This bill seeks to enhance the level of student loan forgiveness for public service professionals, including teachers, policy officers, and public health workers. This bill would base the level of loan forgiveness for these roles based on their years of public service. 

H.R.4723 — Fairness in Forgiveness Act of 2021

Sponsor: Rep. Swalwell [D-CA]
Cosponsors: 0
Introduced: 07/27/2021
NASFAA Summary & Analysis: This bill would allow current and former workers at all Energy Department-associated national laboratories to be eligible for public service student loan forgiveness. 

H.R.4666 — Public Service Loan Forgiveness Modernization Act

Sponsor: Rep. Panetta [D-CA]
Cosponsors: 2 (2D; 0R)
Introduced: 07/22/2021
NASFAA Summary & Analysis: This bill seeks to simplify and modernize the federal student loan forgiveness program. This bill would establish a comprehensive database of all qualified public service employers that would be easily accessible, streamline communication between those public service employees and the Department of Education, and offer a PSLF certification seal for qualified employers to utilize for recruitment purposes. 

H.R.4600 — Responsible Borrowing Act of 2021

Sponsor: Rep. Grothman [R-WI]
Cosponsors: 0
Introduced: 07/21/2021
NASFAA Summary & Analysis: This bill seeks to alleviate excessive student loan debt by allowing colleges and universities to provide limits on how much money students can borrow. This bill would allow higher education institutions to limit the amount of a loan that a student may borrow in an academic year based on certain criteria. 

S.2020 — Terrorism Survivors Student Loan Deferment Act

Sponsor: Sen. Marco Rubio [R-FL]
Cosponsors: 0
Introduced: 06/10/2020
NASFAA Summary & Analysis: This bill would allow survivors of terrorist attacks to receive automatic deferments of their federal student loan payments. This forbearance would not count against the typical three-year maximum deferment allowance, but rather provide a one-year pause for victims. It would also designate the federal agency in charge of investigating the attack as responsible for identifying those victims. 

H.R.4122 — REDI Act

Sponsor: Rep. Babin [R-TX]
Cosponsors: 1 (1D)
Introduced: 06/24/2021
NASFAA Summary & Analysis: This bill would allow students in medical and dental school to defer interest accrual on their federal student loans while they are participating in their residency programs. 

H.R.4293 — Supporting America's Young Entrepreneurs Act of 2021

Sponsor: Rep. Velazquez [D-NY]
Cosponsors: 5 (5D)
Introduced: 06/30/2021
NASFAA Summary & Analysis: This bill would provide up to three years of interest free student loan deferment and up to $20,000 in forgiveness for small business founders in "distressed areas." It also would provide up to $15,000 for employees of startups anywhere in the United States over the course of five years. Additionally, this bill would establish a Young Entrepreneurs Business Center that will be responsible for determining eligibility for loan cancellation.

H.R.2987 — Teacher Loan Forgiveness Improvement Act of 2021

Sponsor: Rep. Luria [D-VA]
Cosponsors: 0
Introduced: 05/04/2021
NASFAA Summary & Analysis: This bill would increase the amount of loan forgiveness and loan cancellation available to teachers. This bill increases the amount of loan debt ED would forgive for teachers from $5,000 to $15,000 after the fifth complete school year of teaching. In addition, for teachers in mathematics, science, or special education, ED would increase the loan forgiveness from 17,500 to 30,000.

H.R.2732 — Domenic and Ed's Law

Sponsor: Rep. Langevin [D-RI]
Cosponsors: 0
Introduced: 04/21/2021
NASFAA Summary & Analysis: This bill would allow a parent whose child develops a total and permanent disability to qualify for student loan discharge. Currently, parents are allowed to discharge federal student loans if their child dies, but not if their child develops a total and permanent disability.

H.R.2460/S.1098 — Joint Consolidation Loan Separation Act

Sponsor: Rep. Price [D-NC]
Cosponsors: 3
Introduced: 04/13/2021
Sponsor: Sen. Warner [D-VA]
Cosponsors: 2
Introduced: 04/13/2021
NASFAA Summary & Analysis: This bill would authorize borrowers who have received a joint consolidation loan to apply to receive a separate Federal Direct Consolidation Loan. 

H.R.2418 — Student Loan Forgiveness for Frontline Health Workers Act

Sponsor: Rep. Maloney [D-NY]
Cosponsors: 23
Introduced: 04/08/2021
NASFAA Summary & Analysis: This bill would establish temporary programs to provide both federal and private student loan forgiveness for certain frontline healthcare workers. It would direct the Department of Education to forgive the outstanding balance due on federal student loans for these borrowers. It would further direct the Department of the Treasury to repay in full the outstanding balance due on private student loans for these borrowers.

H.R.2160 — Student Loan Refinancing Act

Sponsor: Rep. Pocan [D-WI]
Cosponsors: 0
Introduced: 03/23/2021
NASFAA Summary & Analysis: This bill would allow federal student loan borrowers to refinance their loans when interest rates are reduced.

S.847 — Student Loan Tax Elimination Act

Sponsor: Sen. Braun [R-IN]
Cosponsors: 5
Introduced: 03/18/2021
NASFAA Summary & Analysis: This bill would eliminate origination fees for federal student loans. 

H.R.2034 — Income-Driven Student Loan Forgiveness Act

Sponsor: Rep. Lawson [D-FL]
Cosponsors: 0
Introduced: 03/18/2021
NASFAA Summary & Analysis: This bill would direct the Secretary of Education to forgive the balance of some federal student loans for eligible borrowers. Borrowers who filed a tax return for the most recent tax year, had an eligible loan in repayment, is employed, or had recent employment prior to the pandemic, and makes less than $100,000 if single, or $200,000 if married, would be eligible to receive forgiveness of their loan balance. The bill also stipulates that any forgiveness received would not be taxable. 

S.821 — Repay Act of 2021

Sponsor: Sen. Burr [R-NC]
Cosponsors: 1
Introduced: 03/18/2021
NASFAA Summary & Analysis: The bill would give new student loan borrowers the option between enrolling in a fixed, 10-year standard repayment plan and a single income-driven repayment (IDR) plan. The annual repayment amount would be 10 percent of the portion of discretionary income that is less than $25,000, plus 15 percent of any remaining discretionary income. The $25,000 "bend point," as it is coined in the bill, would be adjusted annually for inflation based on the Consumer Price Index. For married individuals, if both are repaying their student loans under the plan, the amount would be calculated individually using each spouse's loan amount and half of their combined income. The monthly payment on all covered loans would then be one-twelfth of the annual amount. Under the simplified IDR plan proposed in the bill, borrowers would have their remaining debt canceled after 20 years of payments or economic hardship deferment if the original principal balance of the loans did not exceed the maximum amount allowable for independent borrowers; or after 25 years of payments or economic hardship deferment if the original principal balance loans did exceed the maximum limit. The legislation ensures borrowers would never have to pay more than 15 percent of their discretionary income for their monthly student loan payments.

• Bipartisan Senate Bill Calls for Creating a Single Income-Driven Repayment Plan
  
  

H.R.1633 — Public Service Loan Forgiveness Inclusion Act of 2021

Sponsor: Rep. Foster [D-IL]
Cosponsors: 12
Introduced: 03/08/2021
NASFAA Summary & Analysis: This bill would allow borrowers who would be eligible for PSLF but who were enrolled in a non eligible repayment plan, to have the first 60 monthly payments made under a graduated repayment or extended repayment plan to become qualifying payments under the PSLF. The bill does stipulate that borrowers must transfer to an eligible repayment plan, such as an income-based or standard repayment plan, for the remaining 60 monthly payments made under the PSLF program.

S.603 — Coronavirus Emergency Student Loan Refinancing Act

Sponsor: Sen. Warner [D-VA]
Cosponsors: 0
Introduced: 03/04/2021
NASFAA Summary & Analysis: This bill would establish a refinancing program for federal direct and FFEL student loans. The new interest rate for a undergraduate unsubsidized or Stafford loans would equal to the lowest yield on the 10-year Treasury note in the preceding 6 months plus 2.05 percent; graduate unsubsidized or Stafford loans would be equal to the lowest yield on the 10-year Treasury note in the preceding 6 months plus 3.6 percent; and PLUS loans would be equal to the lowest yield on the 10-year Treasury note in the preceding six months plus 4.6 percent. The bill also requires ED to establish eligibility requirements for the refinancing program based on income or debt-to-income ratio. 

H.R.1586 — Student Loan Reform Act

Sponsor: Rep. Perry [R-PA]
Cosponsors: 1
Introduced: 03/03/2021
NASFAA Summary & Analysis: This bill would create a program that would allow institutions of higher education to cosign all federal loans made to students during an academic year. 

H.R.1133/S.311 — Stopping Doctor Shortages Act

Sponsor: Rep. Harder [D-CA] 
Cosponsors: 3
Introduced: 02/18/2021
Sponsor: Sen. Feinstein [D-CA]
Cosponsors: 1
Introduced: 02/12/2021
NASFAA Summary & Analysis: This bill amends the Higher Education Act requiring the Department of Education to allow healthcare professionals who conduct full-time work for nonprofits to qualify for the PSLF program even if they're not directly employed by a nonprofit organization.

S.210/H.R.1372 — Protecting JOBs Act

Sponsor: Sen. Rubio [R-FL]
Cosponsors: 1
Introduced: 02/03/2021
Sponsor: Rep. Ross [D-NC]
Cosponsors: 7
Introduced: 02/25/2021
NASFAA Summary & Analysis: This bill would prevent states from suspending, revoking or denying state professional licenses solely due to borrowers being in default on their federal student loans. 

H.R.394 — COVID–19 Student Loan Relief Extension Act

Sponsor: Rep. Courtney [D-CT]
Cosponsors: 18 (18D; 0R)
Introduced: 01/21/2021
NASFAA Summary & Analysis: This bill would expand the current COVID-19 borrower relief provisions to all student loan borrowers, including Perkins loans, FFEL loans held by private companies as well as Health Professions and Nursing loans. The current relief includes payment and interest suspension. The bill would also lengthen the period of relief until 30 days after the end of the national health emergency. 

H.R.251 — Public Service Appreciation Through Loan Forgiveness Act

Sponsor: Rep. Krishnamoorthi [D-IL]
Cosponsors: 0
Introduced: 01/11/2021
NASFAA Summary & Analysis: This bill would allow borrowers eligible for and enrolled in the Public Service Loan Forgiveness program to have a portion of their loans forgiven at different intervals dependent on the amount of eligible monthly payments they've made. The first forgiveness of 10 percent of the borrowers balance would come after 48 monthly payments, 20 percent after 72 monthly payments, and 50 percent after 96 monthly payments. The borrower would have to be actively employed in the PSLF eligible job when receiving the forgiveness, and be employed at an eligible PSLF job when the payments had been made. Borrowers who take advantage of these allowances would still be eligible to have their loans fully forgiven under the PSLF program as it stands after 10 years. 

Legislative Tracker Overview   |   Archive: Loans & Repayment