H.R.1330 – education loan Fairness Act 113th Congress (2013-2014)

H.R.1330 – education loan Fairness Act 113th Congress (2013-2014)

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  • Subject — Policy Area:

  • Training
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  • Overview: H.R.1330 — 113th Congress (2013-2014) All Information (Except Text)

    There clearly was one summary for H.R.1330. Bill summaries are authored by CRS.

    Shown Right Right Here: Introduced in Home (03/21/2013)

    Education loan Fairness Act – Amends name IV (Student Assistance) of this degree Act of 1965 (HEA) to ascertain a 10/10 Loan Repayment Arrange which allows borrowers of Federal Family Education Loans (FFELs) and Direct Loans (DLs) to restrict their payment on such loans to one-twelfth of 10% associated with the quantity through which their modified gross earnings and therefore of the partner (if relevant) surpasses 150% associated with federal poverty degree.

    Establishes a 10/10 Loan Forgiveness Program providing you with FFEL and DL forgiveness to borrowers whom, following the date this is certainly a decade prior to the date with this Act’s enactment, are making 120 payments that are monthly the 10/10 Loan Repayment Plan or under another payment plan that needed them to produce payments at least as big as those they’d are making underneath the 10/10 Loan Repayment Plan.

    Credits the months during which someone is with in deferment because of a financial difficulty as months which is why re re re payment had been created for purposes regarding the 10/10 Loan Forgiveness Program.

    Caps the total amount of loan forgiveness that the system provides to people who become brand brand new borrowers following the date with this Act’s enactment.

    Caps the rate of interest on brand brand new DLs at 3.4per cent.

    Amends the general public solution employee loan forgiveness system to forgive the DLs of participants that have made 60 (presently, 120) monthly obligations on such loans pursuant to specified repayment plans.

    Includes care that is primary in clinically underserved areas into the public service employee loan forgiveness system.

    Allows particular borrowers to combine their personal training loans as Direct Consolidation Loans go now, supplied the personal loans had been made on or prior to the date with this Act’s enactment.

    Limitations such borrowers to people who: (1) had been pupils entitled to unsubsidized Stafford loans or PLUS loans beneath the FFEL or DL programs for his or her enrollment at an organization of advanced schooling, or will have been had they been enrolled on at the least a half-time foundation; (2) lent one or more personal training loan for such enrollment; and (3) have actually the average modified gross earnings that will not meet or exceed their total training financial obligation.

    Caps the rate of interest on those Direct Consolidation Loans at 3.4per cent.

    Needs borrowers to try to get such loans within one 12 months for this Act’s enactment.

    Amends the reality in Lending Act to direct the Bureau of customer Financial Protection (CFPB) to issue regulations that want personal training loan providers to offer education that is private towards the Secretary of Education for consolidation as Direct Consolidation Loans.

    Sets forth the info to be utilized in determining the purchase price covered such loans.

    Amends name IV associated with HEA to direct the Secretary of Education to cover the attention that accrues on unsubsidized FFELs and DLs which can be deferred because of pupil borrower’s shortage of full-time work.

    Needs the Secretary to pay for the attention that accrues on Federal Consolidation Loans which are in deferment because of a debtor’s shortage of full-time work, supplied the application form for such that loan is gotten on or following the date with this Act’s enactment.

    Directs the Secretary to cover the attention that accrues on FFELs and DLs which can be at the mercy of income-based payment conditions and are also in deferment because of a debtor’s absence of full-time work.

    Limitations these deferment that is interest-free to those occurring on or following the date for this Act’s enactment and addressing a maximum of 36 months of full-time jobless.

    Excludes from a debtor’s taxable earnings the key and interest on FFELs and DLs this is certainly forgiven pursuant to income-based payment plans.

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