Legislative Tracker: Loans & Repayment
On this page, you'll find proposals to improve or modify the process by which students borrow and repay their loans.
For student loan and repayment proposals from the previous sessions of Congress, visit the Legislative Tracker Archive: Loans & Repayment.
*NEW* H.R.7761 - Protecting Access to Loan Forgiveness for Public Servants During the COVID–19 Pandemic Act
Sponsor: Rep. Swalwell, [D-CA]
Cosponsors: 17 (0D; 0R)
Introduced: 07/23/2020
NASFAA Summary & Analysis: This bill would ensure that workers who were enrolled in the PSLF program and lost their job due to the COVID-19 pandemic can continue to count loan payments toward their total required for forgiveness under the PSLF program so long as they re-start their public service jobs within six months after the end of the public health emergency. It also would require the Secretary of Education to develop and make available guidance for those who are eligible for this emergency job disruption assistance.
*NEW* S.4247 - Student Loan Repayment and FAFSA Simplification Act
Sponsor: Sen. Alexander [R-TN]
Cosponsors: 0 (0D; 0R)
Introduced: 07/21/2020
NASFAA Summary & Analysis: This bill would consolidate all existing repayment plans into two options — one standard 10-year repayment plan and one income-based repayment plan for federal loans entering repayment on or after October 1. Once a borrower enrolled in the income-based repayment plan begins earning income, their monthly payment would be capped at 10% of their income that exceeds 150% of the poverty line. In addition, this bill calls for simplifying the FAFSA, reducing the number of questions students must answer to obtain federal financial aid from more than 100 to about 30. The bill would also make adjustments to how institutions calculate the cost of attendance (COA) and adds restrictions to the on-campus housing allowance
*NEW* S.4141/H.R.7449 - Bank on Students Coronavirus Emergency Loan Refinancing Act of 2020
Sponsor: Sen. Warren, Elizabeth [D-MA]
Cosponsors: 34 (34D; 0R)
Introduced: 07/01/2020
Sponsor: Rep. Courtney [D-CT]
Cosponsors: 29 (29D; 0R)
Introduced: 07/01/2020
NASFAA Summary & Analysis: This bill would allow student loan borrowers to refinance their federal loans – all eligible federal FFEL, Direct, Perkins, and Public Health Service Act student loan borrowers could refinance their high-interest loans down to the rates offered to federal borrowers in the 2020-2021 school year. Direct loan holders would automatically have their debt refinanced. In addition, this bill would allow eligible student loan borrowers to refinance their private loans into the federal program. The bill provides those with private student loan debt the option of refinancing their high-interest private student loans down to the rates offered to new federal student loan borrowers. Those who refinance will also have access to the benefits and protections of the federal student loan program.
*NEW* H.R.7294 - COVID-19 Perkins Loan Relief Act
Sponsor: Rep. Porter [D-CA]
Cosponsors: 4 (3D; 1R)
Introduced: 06/22/2020
NASFAA Summary & Analysis: This bill would suspend Federal Perkins Loans repayments during the COVID-19 pandemic. No interest shall acquire on Federal Perkins Loans and all payments shall be suspended until September 30, 2020.
*NEW* H.R.7114 - Economic and Student Loan Debt Relief Act of 2020
Sponsor: Rep. Stivers [R-OH]
Cosponsors: 1 (1D; 0R)
Introduced: 06/04/2020
NASFAA Summary & Analysis: This bill extends the payment pause and interest waiver through December 31, 2020. It also makes permanent the exclusion from income for employer-paid student loan repayment assistance.
H.R.6502 - COVID-19 Graduate Relief Act
Sponsor: Rep. Harder [D-CA]
Cosponsors: 12 (10D; 2R)
Introduced: 04/14/2020
NASFAA Summary & Analysis: This bill would allow borrowers a payment deferment for up to three years following the coronavirus pandemic and the enactment of this bill. Sen. Romney [R-UT] introduced a companion bill in the Senate in March.
H.R.6597 - Equity in Student Loan Relief Act
Sponsor: Rep. Stefanik [R-NY]
Cosponsors: 17 (13D; 24R)
Introduced: 04/22/2020
NASFAA Summary & Analysis: This bill would extend the temporary relief from student loan payments currently extended only to Federal Student loan borrowers to borrowers who hold loans under the FFEL program, even if not held by the Department of Education, as well. The Equity in Student Loan Relief Act would direct the Education Department to make the interest payments for FFEL borrowers, suspend student loan payments obligations and end all involuntary collections through Sept. 30.
*NEW* H.R.6720 - Student Loan Forgiveness for Frontline Health Workers Act
Sponsor: Rep. Maloney [D-NY]
Cosponsors: 20 (20D; 0R)
Introduced: 05/05/2020
NASFAA Summary & Analysis: This bill aims to provide student loan forgiveness to health care workers who are on the front line in response to COVID–19. This loan forgiveness would be applied to any health care professional who is licensed, registered, or certified under Federal or State law who provides COVID-related health care services. This bill aims to forgive Federal student loans and eligible private student loans.
*NEW* H.R.6825 - Teacher Loan Forgiveness Improvement Act of 2020
Sponsor: Rep. Luria [D-VA]
Cosponsors: 0
Introduced: 05/12/2020
NASFAA Summary & Analysis: This bill would increase loan forgiveness and loan cancellation for teachers. This bill increases the amount the Secretary shall repay 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, the Secretary increases the loan forgiveness from 17,500 to 30,000. Finally, the Secretary shall increase loan cancellation for teachers from 5,000 to 15,000 and for teachers in mathematics, science, or special education increase loan cancellation for 17,500 to 30,000.
*NEW* S.3746 - Stopping Doctor Shortages Act
Sponsor: Sen. Feinstein [D-CA]
Cosponsors: 2 (1D; 1R)
Introduced: 05/14/2020
NASFAA Summary & Analysis: This bill amends the Higher Education Act to allow full-time professionals engaged in health care practitioner occupations to be eligible for public service loan forgiveness.
*NEW* S.3760 - Strengthening Loan Forgiveness for Public Servants During the COVID-19 Crisis
Sponsor: Sen. Blumenthal [D-CT]
Cosponsors: 9 (9D; 0R)
Introduced: 05/19/2020
NASFAA Summary & Analysis: This bill will strengthen the public service loan forgiveness program based on years of employment. If a borrower completes 2/4 years of service 15% of their total loans will be canceled. 6/8 years of service equals 20% of total loan forgiveness. Lastly, if a borrower completes 10 years of employment, 30% of their total loans will be forgiven. In conjunction with loan forgiveness, if a portion of a loan is canceled, the entire amount of interest that accrued on the loan will also be canceled.
H.R.748 - Coronavirus Aid, Relief, and Economic Security Act, "CARES" Act
Sponsor: Rep. Courtney [D-CT]
Cosponsors: 369 (200D; 169R)
Introduced: 1/24/2020
Became Law: 3/27/2020
NASFAA Summary & Analysis: The Coronavirus Aid, Relief, and Economic Security (CARES) Act, represents a compromise between Senate Republicans and Democrats for COVID-19 relief. The bill allocates nearly $14 billion to higher education in the Emergency Stabilization Fund. 90% of that will be allocated to institutions based 75% on the enrollment of full-time equivalent (FTE) Pell Grant recipients and 25% on enrollment of FTE non-Pell Grant recipients. Students who were enrolled exclusively in online, distance education courses prior to the COVID-19 emergency will be excluded from this calculation. Under the CARES Act, the non-federal share requirements of the Federal Work-Study (FWS) and Federal Supplemental Educational Opportunity Grant (FSEOG) programs would be waived for the 2019-20 and 2020-21 award years in cases where the non-federal share is paid by the institution. The bill would also allow institutions to transfer up to 100% of FWS funds into FSEOG during a period of a qualifying emergency. The bill grants ED the authority to exclude from subsidized loan usage calculations any portions of the Direct Loan period that the student is unable to complete due to the COVID-19 outbreak as well as allows ED to exclude from a student's Pell Grant Lifetime Eligibility Used (LEU) any Pell Grant amounts received during a period that the student is unable to complete due to this qualifying emergency. The bill allows ED to waive the return of Title IV funds (R2T4) requirements for schools or students to return unearned grant or loan assistance for students who withdrew because of COVID-19 and allows for the cancelation for the portion of a Direct Loan associated with a payment period which the student did not complete due to COVID-19. The bipartisan proposal suspends payments and interest accrual on federal Direct Loans and Federal Family Education Loans (FFEL) held by ED until Sept. 30, 2020. The bill also counts each month of suspended loan payments as if the borrower had made a payment for the purpose of income-driven repayment plan loan forgiveness or Public Service Loan Forgiveness, as well as for loan rehabilitation purposes.
H.R.6397 - Coronavirus Emergency Student Loan Refinancing Act
Sponsor: Rep. Courtney [D-CT]
Cosponsors: 40 (40D; 0R)
Introduced: 3/26/2020
NASFAA Summary & Analysis: This bill would allow a borrower who had a loan disbursed before July 1, 2020 to refinance their Direct Loan or their FFEL program loan. The refinanced interest rates would be applicable to each loan type. For undergraduate borrowers (at the time) with Federal Direct Stafford, Unsubsidized, PLUS, and Consolidation loans, the interest rate would be equal to the lowest yield on the 10-year Treasury note in the preceeding 6 months plus 2.05 percent; for the Federal Direct Stafford or Unsubsidized loans for graduate students (at the time) the interest rate would be equal to the lowest yield on the 10-year Treasury note in the preceding 6 months plus 3.6 percent, and for borrowers with PLUS loans, the new interest rate would be equal to the lowest yield on the 10-year Treasury note in the preceding 6 months plus 4.6 percent. This bill would also create a new loan type, the Federal Direct Refinanced Private Loan, which would allow borrowers of private loans to refinance their loans into the Federal Direct loan program.
H.R.6316 - Emergency Relief for Student Borrowers Act of 2020
Sponsor: Rep. Dean [D-PA]
Cosponsors: 0
Introduced: 3/23/2020
NASFAA Summary & Analysis: This bill would require the federal government during the COVID–19 emergency period and the 6-month period immediately following to pay the total amount due for each month for both federal and private loans based on the payment plan selected by the borrower or the borrower's loan status. The bill would also waive the interest on these loans during the same period of time. The payments would continue to count towards repayment for borrowers enrolled in PSLF and borrowers working towards rehabilitation.
H.R.6363 - Student Debt Emergency Relief Act
Sponsor: Rep. Pressley [D-MA]
Cosponsors: 19 (19D; 0R)
Introduced: 3/23/2020
NASFAA Summary & Analysis: This bill would cancel at least $30,000 in outstanding federal student loan debt due to a national emergency as well as allow for loan payment deferment and interest waivers. The bill would also direct the Department of Education to halt all collection activity.
S.3556 - COVID-19 Graduate Relief Act
Sponsor: Sen. Romney [R-UT]
Cosponsors: 0
Introduced: 3/20/2020
NASFAA Summary & Analysis: This bill would allow borrowers a payment deferment for up to three years following the coronavirus pandemic and the enactment of this bill.
S.3543 - Public Service Loan Forgiveness Protection Act
Sponsor: Sen. Tester [D-MT]
Cosponsors: 0
Introduced: 3/19/2020
NASFAA Summary & Analysis: This bill would waive the requirement to make payments for borrowers enrolled in the Public Service Loan Forgiveness program during any period of time there is a qualifying emergency in the state that the borrower is employed.
H.R.6275/S.3489 - Supporting Students in Response to Coronavirus Act
Sponsor: Rep. Scott [D-VA]
Cosponsors: 23 (23D; 0R)
Sponsor: Sen. Murray [D-WA]
Cosponsors: 2 (2D; 0R)
Introduced: 3/13/2020
NASFAA Summary & Analysis: This bill would provide more than $3 billion in funding for a variety of supports for preschool, K-12, and higher education, including a new student emergency grant fund. The bill also provides additional flexibility for certain Title IV statutory requirements for students and institutions impacted by the COVID-19 outbreak. The bill grants the Department of Education (ED) authority to exclude from Subsidized Usage Limits any academic period during which a student was unable to remain enrolled because of a qualifying emergency. It also permits ED authority to waive — for institutions who request such a waiver — the return of Title IV funds (R2T4) requirement for schools or students to return unearned grant or loan assistance for students who withdrew because of a qualifying emergency. The bill would also allow institutions broader authority to offer students, as a result of a qualifying emergency, approved Leaves of Absence (LOA). An infusion of $1.2 billion ($600,000 for fiscal year 2020 and 2021) is included in the bill for emergency financial aid for higher education institutions to award to students up to $1,500 each award year to help them meet unexpected expenses related to their basic needs during a qualifying emergency. Lastly, the bill also allows the Secretary to exclude from a student's Pell Grant Lifetime Eligibility Used (LEU) any semester (or equivalent) that that the student does not complete due to COVID-19.
H.R.6230 - PSLF Administrative Improvements Act
Sponsor: Rep. Boyle [D-PA]
Cosponsors: 1 (0D; 1R)
Introduced: 3/12/2020
NASFAA Summary & Analysis: This bill would require ED to create and maintain a publicly accessible database of eligible PSLF employers which would also include instructions on how to apply and complete an employment certification form. The bill would also require ED, to the extent practicable, work with relevant Federal agencies who possess information about public service employees and their loan status' to provide that information to ED to avoid the need for those employers to have to submit an employment certification form. The PSLF Administrative Improvements Act also calls for the creation of an online portal that allows borrowers to get information on why their loans may have been rejected for forgiveness, as well as the number of the payments they have left before receiving forgiveness.
H.R.3621 - Comprehensive CREDIT Act of 2020
Sponsor: Rep. Pressly [D-MA]
Cosponsors: 1 (1D; 0R)
Introduced: 1/30/2020
NASFAA Summary & Analysis: The Comprehensive Credit Reporting Enhancement, Disclosure, Innovation, and Transparency (CREDIT) Act is a series of bills related to consumer credit reporting. The package includes legislation that would provide new benefits and protections to private student loan borrowers who fall behind on their payments. Included in the CREDIT Act is the Student Borrower Credit Improvement Act which would allow private student loan borrowers to rehabilitate their defaulted or delinquent loan by making nine on-time monthly payments and would also require credit reporting agencies to remove any adverse marks on a borrower's credit history after he or she completes the rehabilitation. Under the bill, the Consumer Financial Protection Bureau (CFPB) would be responsible for promulgating regulations to carry out the rehabilitation program.
S.3243 - Simplifying Access to Student Loan Information Act of 2020
Sponsor: Sen. Shaheen [D-NH]
Cosponsors: 0 (0D; 0R)
Introduced: 1/28/2020
NASFAA Summary & Analysis: This bill would require private educational loan lenders to submit to the National Student Loan Data System (NSLDS) information regarding each private loan made to a student. The data to be made available would include the interest rate of the loan, the outstanding interest and principal, any available deferment or forbearance information attached to the loan, and information about the lender as well as the servicer if different parties. The bill would also allow co-signers of private education loans to access NSLDS as a separate account.
S.3055 - Student Loan Repayment Freedom Act
Sponsor: Sen. Murkowski [R-AK]
Cosponsors: 2 (1D; 1R)
Introduced: 12/16/2019
NASFAA Summary & Analysis: This bill would permit a student loan borrower to leave their income-based repayment plan and repay under any other loan repayment plan for which they are eligible.
H.R.5287 - Fair Student Loan Debt Collection Practices Act
Sponsor: Rep. Lawson [D-FL]
Cosponsors: 0
Introduced: 12/03/2019
NASFAA Summary & Analysis: This bill would prohibit collecting from a borrower during any period of time that a similar borrower would not be required to make a payment under an income-driven plan. Debt collectors would also be prohibited from collecting from a borrower an amount that is more than a similar borrower would have paid in one month under an IDR plan. Debt collectors would also be forced to certify that the borrower they are attempting to make a collection from are not eligible for any administrative discharges first.
H.R.4869 - Student Loan Default Reduction Program Act
Sponsor: Rep. Horn [D-OK]
Cosponsors: 0
Introduced: 10/28/2019
NASFAA Summary & Analysis: This bill would instead of only removing the record of a borrower's default from their credit history, remove any adverse item of information relating to the loan default from the borrower's credit history.
H.R.4749 - Student Loan Relief Act of 2019
Sponsor: Rep. Clay [D-MO]
Cosponsors: 0
Introduced: 10/18/2019
NASFAA Summary & Analysis: This bill would allow loans that were made in the 20 years previous to its enactment to be refinanced to the current interest rate at the time of the issuance is made.
H.R.4670 - Simplifying Student Loans Act
Sponsor: Rep. Wild [D-PA]
Cosponsors: 3 (3D; 0R)
Introduced: 10/11/2019
NASFAA Summary & Analysis: This bill would replace the current repayment plan choices with two options, a income-based repayment plan and a fixed repayment plan. The amount of time that a borrower would have to repay under the fixed repayment plan would be based on the amount of their student loan debt. Borrowers with $20,000 or less would have payments spread out over 10 years, borrowers with debt under $30,000 would have payments spread over 15 years, under $40,000 would equate to 20 years, and any borrower with greater than $40,000 of debt would have their payments fixed over 25 years.
H.R.4658 - Empowering Student Borrowers Act
Sponsor: Rep. Murphy [D-FL]
Cosponsors: 0
Introduced: 10/11/2019
NASFAA Summary & Analysis: This bill would allow borrowers to enroll in an income-based repayment plan through an electronic, written or verbal process.
H.R.4647 - Teacher Debt Relief Act
Sponsor: Rep. Hayes [D-CT]
Cosponsors: 1 (1D; 0R)
Introduced: 10/11/2019
NASFAA Summary & Analysis: This bill would allow teachers to enroll in both teacher debt forgiveness and public service loan forgiveness programs concurrently which allows teachers to receive their eligible forgiveness after 5 years of work, and then receive the rest after an additional 5 years, instead of having to start over after their partial teacher debt forgiveness and complete the required 10 under PSLF.
H.R.4645 - Public Service Loan Forgiveness Inclusion Act of 2019
Sponsor: Rep. Foster [D-IL]
Cosponsors: 5 (4D; 1R)
Introduced: 10/11/2019
NASFAA Summary & Analysis: The bill would allow previously ineligible repayment plan payments to become eligible as a "qualifying payment" for the purpose of Public Service Loan Forgiveness (PSLF) if a borrower transfers to an eligible repayment plan within five years (first 60 payments) of entering full time employment. Currently ineligible repayment plans for PSLF include the graduated and extended plans.
H.R.4627 - Student Borrower Advocate Act
Sponsor: Rep. Scanlon [D-PA]
Cosponsors: 1 (1D; 0R)
Introduced: 10/08/2019
NASFAA Summary & Analysis: This bill would mandate the creation of a "borrower advocate" in the office of the PBO whose function would be to provide timely assistance to federal loan borrowers by responding to and reviewing their complaints about federal loans, working to resolve any complaints in the best interest of the borrowers, and reporting complaints to a state or accrediting agency if applicable. The borrower advocate would be responsible for publishing an annual report to ED that would summarize the complaints received from borrowers, including the number of complaints made.
H.R.4607 - Not titled as of 11/13
Sponsor: Rep. Harder [D-CA]
Cosponsors: 4 (2D; 2R)
Introduced: 10/04/2019
NASFAA Summary & Analysis: This bill would allow borrowers who have full-time jobs as health care practitioners and provide their services at a nonprofit, or public hospital or other nonprofit or public health care facility to be eligible for Public Service Loan Forgiveness.
H.R.4596 - Student Loan Advocacy Act
Sponsor: Rep. Omar [D-MN]
Cosponsors: 1 (1D; 0R)
Introduced: 10/01/2019
NASFAA Summary & Analysis: This bill would update the purpose of the PBO to include prioritization to students and borrowers in decision-making processes, making federal aid programs more easily understandable to students and parents, managing costs, increasing efficiency, increasing accountability of officials who administer operational aspects of federal programs, and increasing oversight of schools. To ensure these improvements take place, the secretary of education would be responsible for implementing accountability and oversight measures to make sure the newly-defined purpose is accomplished. This bill would also mandate the creation of a "borrower advocate" in the office of the PBO whose function would be to provide timely assistance to federal loan borrowers by responding to and reviewing their complaints about federal loans, working to resolve any complaints in the best interest of the borrowers, and reporting complaints to a state or accrediting agency if applicable. The borrower advocate would be responsible for publishing an annual report to ED that would summarize the complaints received from borrowers, including the number of complaints made.
H.R.4590 - End Capitalization for Struggling Borrowers Act
Sponsor: Rep. Davis [D-IL]
Cosponsors: 2 (2D; 0R)
Introduced: 10/01/2019
NASFAA Summary & Analysis: This bill would eliminate student loan interest capitalization after forbearance and during certain periods of deferment.
H.R.4502 - Giving Relief And Dollars to Undergraduates for Adequate Time for Education Act
Sponsor: Rep. Casten [D-IL]
Cosponsors: 3 (3D; 0R)
Introduced: 09/26/2019
NASFAA Summary & Analysis: This bill would repeal section 1087e(q) of the Higher Education Act, which would eliminate the requirement that students may only receive Federal student loans within a time frame equal to 150% of the published length of the program they are enrolled in.
H.R.4517 - Promoting Apprenticeships in Public Service Act
Sponsor: Rep. Cicilline [D-RI]
Cosponsors: 3 (3D; 0R)
Introduced: 09/26/2019
NASFAA Summary & Analysis: This legislation would direct the Secretary of Education to cancel or repay up to $25,000 in loans for any borrower that received a certificate from a registered apprenticeship program and then completes two years of full-time employment at a qualifying public service job.
H.R. 4395 - Clean Slated Through Consolidation Act
Sponsor: Rep. Stevens [D-MI]
Cosponsors: 1 (1D; 0R)
Introduced: 09/19/2019
NASFAA Summary & Analysis: The Clean Slated Through Consolidation Act would allow borrowers who have defaulted on their student loans to have that default removed from their credit history if they receive a loan consolidation for the amount.
H.R. 4396 - Clean Slated Through Repayment Act
Sponsor: Rep. Mucarsel-Powell [D-FL]
Cosponsors: 1 (1D; 0R)
Introduced: 09/19/2019
NASFAA Summary & Analysis: The Clean Slated Through Repayment Act would remove the record of default on a borrower's credit history upon total repayment of the full amount due.
S.2523 - Adjunct Faculty Loan Fairness Act of 2019
Sponsor: Sen. Durbin [D-IL]
Cosponsors: 3 (3D; 0R)
Introduced: 09/19/2019
NASFAA Summary & Analysis: This bill would allow adjunct faculty, defined as a part-time faculty member who teaches not less than 1 course at an institution of higher education and is not employed on a full-time basis by any other employer, to qualify for public service loan forgiveness.
H.R.4391 - Public Service Loan Forgiveness Modernization Act
Sponsor: Rep. Panetta [D-CA]
Cosponsors: 8 (8D; 0R)
Introduced: 09/18/2019
NASFAA Summary & Analysis: The Public Service Loan Forgiveness Modernization Act would mandate the creation of an easily searchable database of all PSLF eligible employers, and the positions under that employer. The Act would also create a process for an employer to electronically submit a certification form that would inform ED that they are a qualified employer. In addition, the Act would require ED to provide each borrower an annual statement that includes the number of monthly payments made by the borrower, the number of payments that qualify for PSLF, and the number of monthly payments the borrower has left before they can apply for forgiveness.
H.R.4310 - Public Service Expansion Act
Sponsor: Rep. Boyle [D-PA]
Cosponsors: 0
Introduced: 09/12/2019
NASFAA Summary & Analysis: The Public Service Expansion Act would allow employment in any position at a nonprofit organization to be counted as a public service job and eligible for public service loan forgiveness.
H.R.4119 - Student Loan Deferment Act
Sponsor: Rep. Lawson, Jr [D-FL]
Cosponsors: 4 (4D; 0R)
Introduced: 07/30/2019
NASFAA Analysis & Coverage: This bill would extend the six-month repayment grace period for all Federal Direct Loans to one year. It also freezes interest rate on these loans during this grace period.
H.R.4113 - Public Service Pays Off Act
Sponsor: Rep. Horn [D-OK]
Cosponsors: 0
Introduced: 07/30/2019
NASFAA Analysis & Coverage: This bill would allow borrowers enrolled in the public service loan forgiveness (PSLF) program to have their loan amounts forgiven intermittently at set markers. For example, after completing 2 years of eligible employment as well as making on time, eligible, payments during that time, the borrower would get 15% of the total amount due on their eligible federal loans cancelled. After 4 years 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.
H.R.4079 - ExCEL Act of 2019
Sponsor: Rep. Zeldin [R-NY]
Cosponsors: 0
Introduced: 07/25/2019
NASFAA Analysis & Coverage: This comprehensive bill would eliminate the Direct Loan Program and instead establish an "Income Dependent Education Assistance (IDEA)" Loan Program. The new program would include a universal income-based repayment component with automatic wage withholding as the mechanism for repayment.
H.R.3926 - Consider Teachers Act
Sponsor: Rep. Visclosky [D-IN]
Cosponsors: 0
Introduced: 07/23/2019
NASFAA Analysis & Coverage: This bill would correct the problems within the TEACH grant program that allowed some grants to be inadvertently turned into loans that must be paid back with interest. The bill would also require the Department of Education (ED) to annually, on the same date each year, provide communication with recipients that explains the terms and conditions of the grant, the amount of service ED has counted towards the recipients service obligation, information on the amount of interest that may accrue and that the recipient will be required to pay if such grant is treated as a loan as well as other pertinent information.
H.R.3887 - Student Loan Debt Relief Act of 2019
Sponsor: Rep. Clyburn [D-SC]
Cosponsors: 8 (8D; 0R)
Introduced: 07/23/2019
NASFAA Analysis & Coverage: This bicameral legislation would eliminate up to $50,000 in student loan debt for every person with household gross income at $100,000 or less. The bill would also mandate that any forgiveness received would not count as taxable income. Using data already available to the federal government about household gross income and outstanding student loan debt ED would be able to provide automatic cancellation. The bill would also allow private student borrowers to receive loan cancellation by converting their private student loans to federal student loans through student loan refinancing.
H.R.3833 - Streamlining Income-driven, Manageable Payments on Loans for Education (SIMPLE) Act
Sponsor: Rep. Bonamici [D-OR]
Cosponsors: 4 (2D; 2R)
Introduced: 07/18/2019
NASFAA Analysis & Coverage: This bill would attempt to help at-risk borrowers avoid default by helping them enroll in income-driven repayment plans so they can repay based on their financial ability. The bill would use information already on file at the U.S. Treasury to automates the annual process for updating income information while enrolled in these plans.
H.R.3793 - Student Loan Accrual Support and Help Act
Sponsor: Rep. Horn [D-OK]
Cosponsors: 0
Introduced: 07/17/2019
NASFAA Analysis & Coverage: The Student Loan Accrual Support and Help Act would lower interest rates of all federal student loans, including PLUS programs, disbursed on or after July 1, 2020. The new rate would be equal to the lesser of either the high yield of the 10-year Treasury note auctioned at the final auction held prior to such June 1 or 5%.
H.R.3792 - Guaranteeing Respite After College Ends (GRACE) Act
Sponsor: Rep. Horn [D-OK]
Cosponsors: 0
Introduced: 07/17/2019
NASFAA Analysis & Coverage: For loans disbursed on or after July 1, 2020, the GRACE Act would allow loans that go into deferment to not collect interest during that time as well as interest not accrue for federal loans during the loans "grace" period before repayment beings.
H.R.3786 - Student Loan Reform Act
Sponsor: Rep. Perry [R-PA]
Cosponsors: 1 (0D; 1R)
Introduced: 07/16/2019
NASFAA Analysis & Coverage: The Student Loan Reform Act would encourage colleges and universities to cosign student loans by allowing participating institutions to offer lower interest rates to student borrowers.
H.R.3751 - No Student Loan Interest Act
Sponsor: Rep. Swalwell [D-CA]
Cosponsors: 2 (2D; 0R)
Introduced: 07/15/2019
NASFAA Analysis & Coverage: This bill, on enactment, would mandate that the Department of Education annually cancel or repay the interest on each federal student loan, and would reduce the interest rate of all federal student loan programs to 0%.
H.R.3674 - Eliminating the Hidden Student Loan Tax Act
Sponsor: Rep. Davis [D-CA]
Cosponsors: 2 (1D; 1R)
Introduced: 07/10/2019
NASFAA Analysis & Coverage: This bill, to which a companion bill was introduced in the Senate in June, would eliminate student loan origination fees.
S.1947 - College for All Act of 2019
Sponsor: Sen. Sanders, Bernard [I-VT]
Cosponsors: 0
Introduced: 06/25/2019
H.R.3472
Sponsor: Rep. Jayapal, Pramila [D-WA]
Cosponsors: 16 (0 R; 16 D)
Introduced: 06/25/2019
NASFAA Analysis & Coverage: This comprehensive piece of legislation would create a grant program to states to eliminate tuition at public 4-year colleges and universities and tribal colleges for students. The bill would cut interest rates and impose an interest rate cap of 1.88% for undergraduate, parent, and graduate borrowers, while also allowing borrowers to refinance loans at the current interest rates. Any excess revenue in the Direct Loan Program would be redirected into the Pell Grant Program. The bill would also increase Federal Work Study (FWS) authorized funding levels and revise the FWS allocation formula by eliminating the "base guarantee" component in the current formula. In addition, TRIO and GEAR UP would see increases to authorized funding levels.
H.R.3448 - Student Debt Cancellation Act of 2019
Sponsor: Rep. Omar, Ilhan [D-MN]
Cosponsors: 8 (0 R; 8 D)
Introduced: 06/24/2019
NASFAA Analysis & Coverage: This bill would forgive eligible federal student loans, including Parent PLUS loan debt, consolidated loans, and grants treated as loans. The bill would also allow for the temporary purchase and forgiveness of private student loans. The forgiven debt would be excluded from taxable income.
H.R.3418 - Protecting Our Students by Terminating Graduate Rates that Add to Debt Act
Sponsor: Rep. Chu, Judy [D-CA]
Cosponsors: 16 (0 R; 16 D)
Introduced: 06/21/2019
NASFAA Analysis & Coverage: This bill would reinstate subsidized loan eligibility for graduate and professional students.
H.R.3353 - Parent PLUS Loan Improvement Act of 2019
Sponsor: Rep. Fudge, Marcia L. [D-OH]
Cosponsors: 15 (1 R; 14 D)
Introduced: 06/19/2019
NASFAA Analysis & Coverage: This bill would expand income-contingent and income-based repayment plan eligibility to Parent PLUS loans.
S.1845 - If It's Good Enough For the Banks, It's Good Enough For Students Act
Sponsor: Sen. Merkley, Jeff [D-OR]
Cosponsors: 2 (0 R; 2 D)
Introduced: 06/13/2019
NASFAA Analysis & Coverage: This bill would enable students to refinance federal loans at the same interest rates as the loans banks receive from the federal government. The refinanced interest rate would be fixed for the period of the loan.
H.R.3257 - Student Loan Fairness Act
Sponsor: Rep. Bass, Karen [D-CA]
Cosponsors: 20 (0 R; 20 D)
Introduced: 06/13/2019
NASFAA Analysis & Coverage: This bill would reform direct loan interest rates, loan repayment, and loan forgiveness. It would establish a 10/10 Loan Repayment Plan in which monthly payments would be set at 10% of a borrower's adjusted gross income beyond 150% of the poverty line. Borrowers can apply to have up to $45,520 of student debt forgiven after 10 years of consecutive payments. This forgiven debt would be excluded from taxable income. The bill would also cap direct loan interest rates at 3.4%. It would reduce the Public Service Loan Forgiveness (PSLF) repayment criteria from 120 to 60 consecutive monthly payments. The bill would offer the option for borrowers to consolidate their private loans under federal direct loan consolidation.
H.R.3150 - Rural and Underserved Residencies to Attract Long-term Physicians Act
Sponsor: Rep. Watkins, Steve [R-KS]
Cosponsors: 1 (0 R; 1 D)
Introduced: 06/05/2019
NASFAA Analysis & Coverage: This bill would provide interest-free deferment on student loans for borrowers serving in certain medical or dental internships or residency programs.
H.R.3139 - Supporting the Teaching profession through Revitalizing Investments in Valuable Educators Act
Sponsor: Rep. Norcross, Donald [D-NJ]
Cosponsors: 1 (0 R; 1 D)
Introduced: 06/05/2019
NASFAA Analysis & Coverage: This bill would reform TEACH Grants and loan forgiveness for teachers. Under this bill, teachers who hold positions in English as a second language, special education, STEM, or career and technical education, could qualify for an annual 15% debt forgiveness during the first five years of repayment and have their full debt forgiven in their sixth year of repayment. For teachers who do not hold a position in those subjects, they can qualify an annual 10% forgiveness for the first six years of repayment and receive full debt forgiveness in their seventh year of repayment. The bill would clarify that prospective or current early childhood teachers could apply for a TEACH grant to obtain a graduate degree.
H.R.3102 - Helping Individuals Get a Higher Education while Reducing Education Debt (HIGHER ED) Act
Sponsor: Rep. DeFazio, Peter A. [D-OR]
Cosponsors: 0
Introduced: 06/05/2019
NASFAA Analysis & Coverage: This bill would reinstate subsidized loan eligibility for graduate and professional students and would allow student debt to be discharged under bankruptcy. Under this bill, borrowers could refinance Direct loans and refinance FFEL loans as refinanced Direct loans. Additionally, this bill would establish a Federal Direct Refinanced Private Loan Program which would allow borrowers to refinance private loans to have the same terms and conditions as federal direct unsubsidized loans. The bill would reform loan forgiveness programs by expanding eligibility for adjunct faculty and would provide 50% debt forgiveness to students who make 60 consecutive monthly payments in the Public Service Loan Forgiveness (PSLF) program. If enacted, partial forgiveness would also be retroactive. This bill would also reduce the number of repayment plan options: borrowers would have the option for a standard 10-year repayment plan, or an income-based repayment plan. Income-based repayment plans would be extended up to 25 years and the adjusted gross income cap to qualify for $0 monthly loan payments would be increased from 150 to 225% of the national poverty level.
H.R.3096 - Strengthening Loan Forgiveness for Public Servants Act
Sponsor: Rep. Swalwell, Eric [D-CA]
Cosponsors: 20 (0 R; 20 D)
Introduced: 06/04/2019
NASFAA Analysis & Coverage: This piece of legislation would remove the "all or nothing" component of Public Service Loan Forgiveness (PSLF) and allow borrowers employed in public service jobs to receive a percentage of forgiveness if employed in a public service job for less than 10 years. The percentage of the loan that is cancelled varies: for 2-5 years, 15%; for 6-9 years, 20%; and for 10 years, 30%.
H.R.3095 - Know Your Repayment Options Act
Sponsor: Rep. Swalwell, Eric [D-CA]
Cosponsors: 5 (0 R; 5 D)
Introduced: 06/04/2019
NASFAA Analysis & Coverage: This bill would require that each student borrower be given an individualized repayment guide.
S.1696 - Student Loan Tax Elimination Act
Sponsor: Sen. Braun, Mike [R-IN]
Cosponsors: 5 (2 R; 3 D)
Introduced: 06/03/2019
NASFAA Analysis & Coverage: This bill would eliminate origination fees on student loans.
S.1175 - PSLF Technical Corrections Act of 2019
Sponsor: Sen. Whitehouse, Sheldon (D-RI)
Cosponsors: 1 (0 R; 1 D)
Introduced: 04/11/2019
NASFAA Analysis & Coverage: The bill seeks to extend PSLF eligibility to borrowers who have already invested up to 10 years toward making 120 on-time payments but may have been unaware that the payment plan in which they enrolled was not sanctioned for forgiveness.
S.1163 - Veterinary Medicine Loan Repayment Program Enhancement Act
Sponsor: Sen. Crapo, Mike (R-ID)
Cosponsors: 10 (3 R; 6 D; 1 I)
Introduced: 04/11/2019
NASFAA Analysis & Coverage: This bill would exempt Veterinary Medicine Loan Repayment Program (VMLRP) awards from withholding taxes.
H.R.2186 - Student Loan Refinancing Act
Sponsor: Rep. Pocan (D-WI)
Cosponsors: 30 (0 R; 29 D)
Introduced: 04/09/2019
NASFAA Analysis & Coverage: The Student Loan Refinancing Act would allow any borrower of Federal Direct Loans including Subsidized, Unsubsidized and PLUS loans, to refinance their federal loan interest rate to whatever the current award year interest rate. A borrower can have the interest rate refinanced at any time during the life of loan with no limit, with the exception that a loan can only be refinanced once every six months.
H.R.2065 - Affordable Loans for Any Student Act
Sponsor: Rep. DeLauro, Rosa L. (D-CT)
Cosponsors: 0 (0 R; 0 D)
Introduced: 04/03/2019
S.1002
Sponsor: Sen. Merkley, Jeff (D-OR)
Cosponsors: 9 (0 R; 9 D)
Introduced: 04/03/2019
NASFAA Analysis & Coverage: The bill tackles several issues related to student loan affordability, complexity, and consumer information. The bill would end federal loan origination fees and the practice of interest capitalization as well as reduce the number of repayment plans to two: an income-based repayment plan, which would now be available to Parent PLUS borrowers, and a fixed 10-year plan. The Affordable Loans for Any Student Act would also simplify the process to enroll in either repayment plan.
H.R.1707 - Bank on Students Emergency Loan Refinancing
Sponsor: Rep. Courtney (D-CT)
Co-Sponsors: 67 (0 R; 67 D)
Introduced: 03/13/2019
S.768
Sponsor: Sen. Warren (D-MA)
Co-Sponsors: 34 (1 I, 33 D)
Introduced: 03/13/2019
NASFAA Analysis & Coverage: This bill would allow borrowers who meet an income requirement with Federal Direct Loans, including Parent PLUS and Consolidation Loans, as well as borrowers with FFEL Program Loans to refinance their current loan balances under the interest rate applicable to their loan type in 2016-2017. The new refinanced rate would be fixed for the rest of the life of the loan(s) and would not lengthen the repayment time frame of the loan. The bill would also allow qualified borrowers to refinance private loans with the Department of Education.
H.R.1798 - Student and Families Empowerment Act
Sponsor: Rep. Rice (D-NY)
Co-Sponsors: 0 (0 R; 0 D)
Introduced: 03/14/2019
NASFAA Analysis & Coverage: This bill would extend the current grace period time frame for student loan borrowers. For all Federal Direct Loan programs, the grace period would be extended from 6 months to 12 months and interest would not accrue for the new 12-month period as well. The bill would also allow for an increase of the student loan interest deduction for tax filing purposes.
H.R.1685 - Physician Assistant Higher Education Modernization Act
Sponsor: Rep. Bass (D-CA)
Co-Sponsors: 0 (0 R; 0 D)
Introduced: 03/12/2019
NASFAA Analysis & Coverage: This bill would increase the unsubsidized loan limit for graduate students in physician assistant (PA) programs, authorize loan forgiveness programs for PAs who serve in areas of national need, develop a program to expand PA education programs at rural institutions, make Historically Black Colleges & Universities eligible to receive additional grants and give grant preference to programs at Hispanic Serving Institutions, and increase grant funding opportunities for PA faculty development and technology at PA programs.
H.R.1571 - Debt-Free College Act of 2019
Sponsor: Rep. Pocan (D-WI)
Co-Sponsors: 32 (0 R; 32 D)
Introduced: 03/06/2019
S.672
Sponsor: Sen. Schatz (D-HI)
Co-Sponsors: 9 (0 R; 9 D)
Introduced: 03/06/2019
NASFAA Analysis & Coverage: This bill would create a State-Federal partnership program that aims to provide a debt-free college experience. This program would create a commitment to cover remaining unmet financial need for eligible students. To be eligible students would need to be enrolled at an eligible institution in the state they reside, complete the FAFSA and meet SAP requirements. This bill would authorize $84 billion to create the partnership program. In addition, the Debt-Free College Act would provide full Title IV eligibility for Dreamer students and repeal the suspension of Title IV aid for students with drug-related offenses.
H.R.1554 - REDI (Resident Education Deferred Interest) Act
Sponsor: Rep. Babin (R-TX)
Co-Sponsors: 9 (6 R; 3 D)
Introduced: 03/06/2019
NASFAA Analysis & Coverage: The REDI Act would allow borrowers in a medical or dental residency program to have the interest and payments on their student loans deferred.
H.R.1043 - Employer Participation in Repayment Act of 2019
Sponsor: Rep. Peters (D-CA)
Co-Sponsors: 114 (34 R; 80 D)
Introduced: 02/07/2019
NASFAA Analysis & Coverage: This bill would expand employer-provided educational assistance programs to include employer-provided student loan repayment assistance. The bill would allow employers to offer up to $5,250 per year in student loan repayment assistance to their employees. This amount would be excluded from the employee's taxable income.
H.R.885 - Private Student Loan Bankruptcy Fairness Act
Sponsor: Rep. Cohen (D-TN)
Co-Sponsors: 13 (0 R; 13 D)
Introduced: 01/30/2019
NASFAA Analysis & Coverage: This bill would allow private student loans to be discharged in bankruptcy.
Publication Date: 8/24/2020
