Bill > HR4144

This bill, the Federal Assistance to Initiate Repayment Act (FAIR Act), aims to streamline and improve the federal student loan repayment system. The key provisions of the bill include: 1. Requiring the Department of Education to provide extensive notifications to borrowers about the return to repayment and their options, including income-driven repayment plans. 2. Establishing a new income-driven repayment assistance plan that caps monthly payments at 10% of the borrower's discretionary income and provides for loan forgiveness after a certain period. 3. Providing deferment options for certain borrowers, including those experiencing economic hardship, unemployment, or medical issues. 4. Allowing borrowers to rehabilitate their defaulted loans up to two times (previously one time). 5. Limiting the Secretary of Education's authority to propose or issue new regulations and executive actions that would increase the subsidy cost of federal student loans. Overall, the bill is designed to protect borrowers and taxpayers by improving the repayment process and providing more flexible options for struggling borrowers.

Education

https://www.congress.gov/bill/118th-congress/house-bill/4144/all-info