Fairness in Student Loan Repayment Act

Bill: 113-hr-5596
Sponsor: full_name: Rep. Garcia, Joe [D-FL-26]
Introduced: 2014-09-18
Policy area: Education
Subjects: Government employee pay, benefits, personnel management

Government lending and loan guarantees

Higher education

Interest, dividends, interest rates

Military personnel and dependents

Student aid and college costs

Unemployment
Latest action: action_date: 2014-11-17
text: Referred to the Subcommittee on Higher Education and Workforce Training.

Summaries:
action_date: 2014-09-18
action_desc: Introduced in House
text: <p>Fairness in Student Loan Repayment Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require the Secretary of Education to make available to borrowers of Federal Family Education Loans (FFELs) the following loan repayment options and benefits that are made available to borrowers of William D. Ford Federal Direct Loans (DLs):</p> <ul> <li>standard repayment plans, graduated repayment plans, extended repayment plans, income contingent repayment plans, income-based repayment plans, or alternative repayment plans that the Secretary deems appropriate;</li> <li>the loan deferments that are made available to certain borrowers who are still in school, unemployed, performing specified military service, or facing an economic hardship;</li> <li> payments of interest on behalf of military personnel;</li> <li>the repayment plan for public service employees; and</li> <li>the non-accrual of interest on the loans of active duty military personnel.</li> </ul> <p>Directs the Secretary to pay to FFEL holders the principal, interest, or special allowance payments needed to apply these options and benefits to FFEL borrowers.</p>

tv_txt: I 113th CONGRESS 2d Session H. R. 5596 IN THE HOUSE OF REPRESENTATIVES September 18, 2014 Mr. Garcia (for himself, Mr. Hastings of Florida , Mr. Murphy of Florida , and Mr. Payne ) introduced the following bill; which was referred to the Committee on Education and the Workforce A BILL To provide borrowers of Federal Family Education Loans with the repayment terms available to borrowers of Federal Direct Loans, and for other purposes.

1. Short title This Act may be cited as the Fairness in Student Loan Repayment Act . 2. Repayment terms for Federal Family Education Loans (a) In general Section 455 of the Higher Education Act of 1965 ( 20 U.S.C. 1087e ) is amended by adding at the end the following new subsection: (r) Repayment terms for Federal Family Education Loans (1) Applicability of programs available under this section The Secretary shall apply subsections (d), (e), (f), (l), (m), and (o) to all loans made under part B as if such loans were made under this part. (2) Payment of balance and interest In carrying out paragraph (1), the Secretary shall pay to the holder of a loan made under part B the amount of principal, interest, or special allowance payments necessary to apply subsections (d), (e), (f), (l), (m), and (o) to such loan, as appropriate. . (b) Consolidation loans Section 428C(a)(3)(B)(i) of the Higher Education Act of 1965 ( 20 U.S.C. 1087–3(a)(3)(B)(i) ) is amended— (1) in subclause (III), by striking the semicolon and inserting ; and ; (2) in subclause (IV), by striking ; and and inserting a period; and (3) by striking subclause (V).