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Overview: H.R.1330 — 113th Congress (2013-2014) All Information (Except Text)
There is certainly 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 enabling 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) 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 ten years ahead of 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 re re re re payments at least as big as those they might are making underneath the 10/10 Loan Repayment Plan.
Credits the months during which someone is with in deferment as a result of a hardship that is economic months which is why re re re payment had been designed for purposes associated with the 10/10 Loan Forgiveness Program.
Caps the quantity of loan forgiveness that the scheduled system will give you to people who become brand new borrowers following the date for this Act’s enactment.
Caps the 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 https://www.cash-advanceloan.net/payday-loans-id personal loans were made on or ahead of the date of the Act’s enactment.
Limitations such borrowers to people who: (1) had been pupils entitled to unsubsidized Stafford loans or PLUS loans underneath the FFEL or DL programs because of their enrollment at an organization of degree, or might have been had they been enrolled on at the very least a basis that is half-time (2) lent one or more personal training loan for such enrollment; and (3) have actually the average modified gross earnings that will not go beyond 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 of the Act’s enactment.
Amends the reality in Lending Act to direct the Bureau of customer Financial Protection (CFPB) to issue regulations that need personal training loan providers to offer education that is private towards the Secretary of Education for consolidation as Direct Consolidation Loans.
Sets forth the information to be utilized in determining the cost covered 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 pupil debtor’s shortage of full-time work.
Needs the Secretary to cover the attention that accrues on Federal Consolidation Loans which can be in deferment because of a borrower’s shortage of full-time work, supplied the application for such financing is gotten on or following the date of the Act’s enactment.
Directs the Secretary to cover the attention that accrues on FFELs and DLs which are susceptible to repayment that is income-based and they are in deferment because of a debtor’s shortage of full-time work.
Limitations these interest-free deferment durations to those occurring on or following the date with this Act’s enactment and addressing a maximum of 3 years of full-time jobless.
Excludes from the debtor’s taxable earnings the main and interest on FFELs and DLs that is forgiven pursuant to income-based payment plans.