summary
Introduced
12/16/2019
12/16/2019
In Committee
12/16/2019
12/16/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the Higher Education Act of 1965 to permit a Federal student loan borrower to elect to terminate repayment pursuant to income-based repayment and repay such loan under any other repayment plan for which the borrower is otherwise eligible. This bill authorizes a federal student loan borrower to terminate repayment under an income-based repayment plan and instead elect to repay such loan under any other repayment plan for which they are eligible. Currently, a federal student loan borrower repaying under an income-based repayment plan may only change to the standard repayment plan.
AI Summary
This bill, the Student Loan Repayment Freedom Act, amends the Higher Education Act of 1965 to allow federal student loan borrowers repaying under an income-based repayment plan to terminate that plan and instead choose any other repayment plan for which they are eligible. Currently, borrowers in income-based repayment can only switch to the standard repayment plan, but this bill provides them with more flexibility to choose the repayment option that best fits their financial situation.
Committee Categories
Health and Social Services
Sponsors (4)
Last Action
Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (on 12/16/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/3055/all-info | 12/17/2019 |
| BillText | https://www.congress.gov/116/bills/s3055/BILLS-116s3055is.pdf | 12/27/2019 |
| Bill | https://www.congress.gov/116/bills/s3055/BILLS-116s3055is.pdf.pdf | 12/27/2019 |
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