To amend the Higher Education Act of 1965 to establish an income-based repayment for new loans on and after July 1, 2021, and for borrowers who enter income-based repayment after June 30, 2021, and for other purposes.
Simplifying Student Loans Act
This bill phases out existing repayment plans for federal student loans and replaces them with one fixed repayment plan and one income-based repayment plan.
Under current law, a borrower may choose among eight plans for student loan repayment, such as standard repayment, extended repayment, and income-contingent repayment.
The Department of Education must offer all borrowers a choice between the two new plans and allow borrowers of loans made prior to a date certain the option of continuing repayment under their original plan or electing to repay under one of the new plans.
Placed on the Union Calendar, Calendar No. 583.
Introduced in House
Introduced in House
Referred to the House Committee on Education and Labor.
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