Student Loan Repayment Freedom Act

Bill: 117-s-2976
Sponsor: full_name: Sen. Murkowski, Lisa [R-AK]
Introduced: 2021-10-07
Policy area: Education
Latest action: action_date: 2021-10-07
text: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Summaries:
action_date: 2021-10-07
action_desc: Introduced in Senate
text: <p><b>Student Loan Repayment Freedom Act</b></p> <p>This bill allows 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 the borrower is eligible. 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 117th CONGRESS 1st Session S. 2976 IN THE SENATE OF THE UNITED STATES October 7, 2021 Ms. Murkowski (for herself, Mr. Reed , and Mr. Braun ) 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 .