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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 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 determine a 10/10 Loan Repayment Arrange that enables 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% regarding the quantity through which their modified gross earnings and that of the partner (if relevant) surpasses 150% for the 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 prior to the date for this Act’s enactment, are making 120 monthly obligations under the 10/10 Loan Repayment Plan or under another payment plan that needed them in order to make re payments at least as big as those they might are making underneath the 10/10 Loan Repayment Plan.
Credits the months during which a person is in deferment because of a hardship that is economic months which is why re re payment ended up being created for purposes associated with the 10/10 Loan Forgiveness Program.
Caps the quantity of loan forgiveness that the system will offer to people who become new borrowers following the date for this Act’s enactment.
Caps the rate of interest on 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 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 prior to the date of the Act’s enactment.
Limitations such borrowers to people who: (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 basis that is half-time (2) lent a minumum of one personal training loan for such enrollment; and (3) have actually the average modified gross earnings that does not go beyond their total training debt.
Caps the rate of interest on those Direct Consolidation Loans at 3.4per cent.
Needs borrowers to use for such loans within one 12 months of the Act’s enactment.
Amends the facts in Lending Act to direct the Bureau of customer Financial Protection (CFPB) to issue regulations that want personal education loan providers to offer personal training loans into the 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 associated with HEA http://www.cash-central.net/payday-loans-ok to direct the Secretary of Education to cover the attention that accrues on unsubsidized FFELs and DLs which are deferred as a result of pupil debtor’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 financing is gotten on or following the date for this 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 as they are in deferment as a result 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 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.
