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Overview: H.R.1330 вЂ” 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 Right 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 in which their modified gross earnings and that of the partner (if relevant) surpasses 150% associated with poverty level that is federal.
Establishes a 10/10 Loan Forgiveness Program that delivers FFEL and DL forgiveness to borrowers whom, following the date this is certainly ten years prior to the date of the 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 create re re payments at the very lesincet 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 ended up being designed for purposes of this 10/10 Loan Forgiveness Program.
Caps the total amount of loan forgiveness that the scheduled program provides to people who become brand new borrowers following the date with this Act’s enactment.
Caps the rate of interest on brand new DLs at 3.4per cent.
Amends people 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 specific borrowers to combine their personal training loans as Direct Consolidation Loans, supplied the personal loans had been made on or ahead of the date for this payday loans in North Carolina 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 for his or her enrollment at an organization of advanced schooling, or will have been had they been enrolled on at the very least a half-time foundation; (2) lent a minumum of one personal education 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 utilize for such loans within one 12 months with 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 training loan providers to market personal training loans into the Secretary of Education for consolidation as Direct Consolidation Loans.
Sets forth the info to be utilized in determining the cost taken care of such loans.
Amends name IV associated with the HEA to direct the Secretary of Education to pay for the attention that accrues on unsubsidized FFELs and DLs which can be deferred as a result of a learning pupil debtor’s lack 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 shortage of full-time employment, supplied the application form for such that loan is gotten on or following the date of the Act’s enactment.
Directs the Secretary to pay for the attention that accrues on FFELs and DLs which can be at the mercy of income-based payment conditions and they are 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 of the Act’s enactment and addressing a maximum of 3 years of full-time unemployment.
Excludes from a debtor’s taxable earnings the key and interest on FFELs and DLs this is certainly forgiven pursuant to repayment that is income-based.