Bill > S3584

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.

Health and Social Services

https://www.congress.gov/bill/115th-congress/senate-bill/3584/all-info