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US HR6280

US HR6280
Parent PLUS Loan Improvement Act of 2018


summary

Introduced
06/28/2018
In Committee
06/28/2018
Crossed Over
Passed
Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

Parent PLUS Loan Improvement Act of 2018 This bill amends the Higher Education Act of 1965 to modify the applicable terms and conditions with respect to Federal Direct PLUS Loans to parent borrowers (i.e., parent PLUS loans). Specifically, it reduces the interest rate and eliminates the origination fee for a parent PLUS loan disbursed on or after July 1, 2018. The Department of Education must ensure, prior to disbursement, that a parent PLUS loan borrower receives counseling that includes comprehensive information on the terms, conditions, and responsibilities with respect to the loan. The bill makes a parent PLUS loan eligible for the income-contingent and income-based repayment plans. Additionally, it makes a consolidation loan that repays parent PLUS loan eligible for the income-based repayment plan.

AI Summary

This bill, the Parent PLUS Loan Improvement Act of 2018, amends the Higher Education Act of 1965 to modify the terms and conditions of Federal Direct PLUS Loans to parent borrowers. Specifically, it reduces the interest rate and eliminates the origination fee for parent PLUS loans disbursed on or after July 1, 2018. The bill also requires the Department of Education to provide comprehensive counseling to parent PLUS loan borrowers prior to disbursement. Additionally, it makes parent PLUS loans eligible for the income-contingent and income-based repayment plans, including allowing parent PLUS consolidation loans to be eligible for income-based repayment.

Committee Categories

Education

Sponsors (13)

Last Action

Referred to the House Committee on Education and the Workforce. (on 06/28/2018)

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