summary
Introduced
10/11/2018
10/11/2018
In Committee
10/11/2018
10/11/2018
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
Affordable Loans for Any Student Act
AI Summary
This bill aims to simplify student loan repayment options, end interest capitalization and origination fees, provide assistance to borrowers in distress, and improve loan information and counseling. Key provisions include:
- Establishing a new income-based repayment plan with a fixed 10% of discretionary income payment, eliminating partial financial hardship requirements, and limiting capitalization of unpaid interest.
- Creating a new fixed 10-year repayment plan option.
- Ending eligibility for other repayment plans besides the new income-based and fixed plans.
- Providing incentives for borrowers to switch to the new simplified repayment plans.
- Automating income recertification for income-driven plans.
- Eliminating origination fees and interest capitalization for new Direct Loans.
- Limiting debt collection efforts to the income-based repayment amount.
- Allowing multiple loan rehabilitations and a "pause payment" process.
- Automatically enrolling delinquent borrowers and those rehabilitating defaulted loans into income-based repayment.
- Streamlining student loan disclosures and requiring annual counseling.
Committee Categories
Health and Social Services
Sponsors (10)
Jeff Merkley (D)*,
Tammy Baldwin (D),
Richard Blumenthal (D),
Ben Cardin (D),
Catherine Cortez Masto (D),
Kirsten Gillibrand (D),
Brian Schatz (D),
Debbie Stabenow (D),
Chris Van Hollen (D),
Ron Wyden (D),
Last Action
Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (on 10/11/2018)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://www.congress.gov/bill/115th-congress/senate-bill/3584/all-info |
BillText | https://www.congress.gov/115/bills/s3584/BILLS-115s3584is.pdf |
Bill | https://www.congress.gov/115/bills/s3584/BILLS-115s3584is.pdf.pdf |
Loading...