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Summary: 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 Here: Introduced in Home (03/21/2013)
Education loan Fairness Act – Amends name IV (Student Assistance) of this advanced schooling 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 per month on such loans to one-twelfth of 10% for the quantity through which their modified gross earnings and that of the partner (if relevant) exceeds 150% associated with federal poverty degree.
Establishes a 10/10 Loan Forgiveness Program that delivers FFEL and DL forgiveness to borrowers whom, following the date that is a decade ahead of the date for this Act’s enactment, are making 120 monthly premiums under the 10/10 Loan Repayment Plan or under another payment plan that needed them which will make re payments at the very lebecauset as big as those they’d are making beneath the 10/10 Loan Repayment Plan.
Credits the months during which a person is with in deferment because of a hardship that is economic months which is why re re payment had been created for purposes associated with 10/10 Loan Forgiveness Program.
Caps the total amount of loan forgiveness that the system will give you to people who become brand brand new borrowers following the date of the Act’s enactment.
Caps the rate of interest on brand brand brand brand new DLs at 3.4per cent.
Amends the general public solution employee loan forgiveness system to forgive the DLs of participants who possess made 60 (presently, 120) monthly premiums 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 borrowers that are certain combine their personal education loans as Direct Consolidation Loans, supplied the personal loans had been made on or prior to the date of the Act’s enactment.
Limitations such borrowers to those that: (1) had been pupils qualified to receive unsubsidized Stafford loans or PLUS loans beneath the FFEL or DL programs with regards to their enrollment at an organization of advanced schooling, or might have been had they been enrolled on at the very least a basis that is half-time (2) lent a minumum of one personal training loan for such enrollment; and (3) have the average modified gross earnings that doesn’t 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 facts in Lending Act to direct the Bureau of customer Financial Protection (CFPB) to issue regulations that need personal education loan providers to market personal training loans to your Secretary of Education for consolidation as Direct Consolidation Loans.
Sets forth the information to be utilized in determining the purchase price taken care of such loans.
Amends name IV regarding the HEA to direct the Secretary of Education to cover the attention that accrues on unsubsidized FFELs and DLs which are deferred because of a learning pupil debtor’s absence of full-time work.
Needs the Secretary to cover the attention that accrues on Federal Consolidation Loans which are in deferment as a result of a debtor’s absence of full-time employment, offered the application form for such that loan is gotten on or following the date with this Act’s enactment.
Directs the Secretary to pay for the attention that accrues on FFELs and DLs which are susceptible to repayment that is income-based and so are in deferment because of a debtor’s shortage of full-time work.
Limits these deferment that is interest-free to those occurring on or following the date of the Act’s enactment and addressing a maximum of 36 months of full-time jobless.
Excludes from the debtor’s taxable income the key and interest on FFELs and DLs this is certainly forgiven pursuant to repayment that is income-based.