Legislative Tracker: Loan Repayment

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

H.R.4635 – Clean Slate through Repayment Act of 2023

Sponsor: Rep. Ross [D-NC]
Introduced: 07/13/2023
NASFAA Summary & Analysis: This bill would remove the record of default from borrowers credit history on loans made, insured, or guaranteed under Tile IV, upon repayment of the full defaulted loan. 

H.R.4594 – Clean Slate through Rehabilitation Act 

Sponsor: Rep. Williams [D-GA]
Introduced: 07/12/2023
NASFAA Summary & Analysis: This bill would remove all adverse credit history associated with a defaulted loan upon rehabilitation of the loan. 

H.R.4591 – Clean Slate through Consolidation Act

Sponsor: Rep. Stevens [D-MI]
Introduced: 07/12/2023
NASFAA Summary & Analysis: This bill would remove a record of default from borrower’s credit history upon obtaining a Federal Direct Consolidation Loan that discharges the defaulted loan. 

H.R.4742 – Pay Back Act

Sponsor: Rep. McClain [R-MI]
Introduced: 07/19/2023
NASFAA Summary & Analysis: This bill would prohibit the Secretary of Education, Secretary of the Treasury, and Attorney General from canceling Title IV student loans or portions of loans, or modifying the terms and conditions of loans unless expressly authorized to do so by an act of Congress. 

S.1971 — Streamlining Accountability and Value in Education for Student (SAVE) Act

Sponsor: Sen. Cornyn [R-TX]
Introduced: 06/14/2023
NASFAA Summary & Analysis: This bill would streamline the nine repayment plans to two–the 10-year standard repayment plan and one income-driven repayment plan. It would also prohibit federal student loans from paying for undergraduate and graduate programs in which half of graduates do not earn more than the median high school graduate and bachelor’s degree recipient. It also ends ED’s ability to enact new repayment plans without Congressional approval, and prevents implementation of the Biden administration's new SAVE repayment plan. 

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. 


Legislative Tracker Overview   |   Archive: Loan Repayment

Publication Date: 8/31/2023

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