Eliminating the Hidden Student Loan Tax Act

Bill: 116-hr-3674
Sponsor: full_name: Rep. Davis, Susan A. [D-CA-53]
Introduced: 2019-07-10
Policy area: Education
Subjects: Government lending and loan guarantees

Higher education

Student aid and college costs

User charges and fees
Latest action: action_date: 2019-07-10
text: Referred to the House Committee on Education and Labor.

Summaries:
action_date: 2019-07-10
action_desc: Introduced in House
text: <p><strong>Eliminating the Hidden Student Loan Tax Act</strong></p> <p>This bill eliminates origination fees on future federal student loans. Origination fees are the fees lenders charge for processing new loan applications.</p>

tv_txt: I 116th CONGRESS 1st Session H. R. 3674 IN THE HOUSE OF REPRESENTATIVES July 10, 2019 Mrs. Davis of California (for herself, Mr. Smucker , and Ms. Davids of Kansas ) introduced the following bill; which was referred to the Committee on Education and Labor A BILL To amend the Higher Education Act of 1965 to eliminate origination fees for Federal Direct Loans.

1. Short title This Act may be cited as the Eliminating the Hidden Student Loan Tax Act . 2. Elimination of origination fees for Federal Direct Loans (a) Sense of Congress It is the sense of Congress that no origination fees should be charged on any future Federal Direct Loans. (b) Repeal of origination fees Subsection (c) of section 455 of the Higher Education Act of 1965 ( 20 U.S.C. 1087e(c) ) is repealed. (c) Effective date The amendment made by subsection (b) shall apply with respect to loans made under part D of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1087a et seq.) for which the first disbursement of principal is made, or, in the case of a Federal Direct Consolidation Loan, the application is received, on or after July 1, 2020.