Student Loan Repayment Freedom Act

Bill: 116-s-3055
Sponsor: full_name: Sen. Murkowski, Lisa [R-AK]
Introduced: 2019-12-16
Policy area: Education
Subjects: Government lending and loan guarantees

Higher education

Student aid and college costs

Wages and earnings
Latest action: action_date: 2019-12-16
text: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Summaries:
action_date: 2019-12-16
action_desc: Introduced in Senate
text: <p><b>Student Loan Repayment Freedom Act</b></p> <p>This bill authorizes a federal student loan borrower to terminate repayment under an income-based repayment plan and instead elect to repay such loan under any other repayment plan for which they are eligible.</p> <p>Currently, a federal student loan borrower repaying under an income-based repayment plan may only change to the standard repayment plan.</p>

tv_txt: II 116th CONGRESS 1st Session S. 3055 IN THE SENATE OF THE UNITED STATES December 16, 2019 Ms. Murkowski (for herself and Mr. Reed ) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions A BILL To amend the Higher Education Act of 1965 to permit a Federal student loan borrower to elect to terminate repayment pursuant to income-based repayment and repay such loan under any other repayment plan for which the borrower is otherwise eligible.

1. Short title This Act may be cited as the Student Loan Repayment Freedom Act . 2. Switching from income-based repayment plan Section 493C(b)(8) of the Higher Education Act of 1965 ( 20 U.S.C. 1098e(b)(8) ) is amended to read as follows: (8) a borrower who is repaying a loan made under part B or D pursuant to income-based repayment may elect, at any time, to terminate repayment pursuant to income-based repayment and repay such loan under any other repayment plan for which the borrower is otherwise eligible under this title; and .