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Summary: H.R.1330 — 113th Congress (2013-2014) All Information (Except Text)
There 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 https://cashcentralpaydayloans.com/payday-loans-tn/ schooling Act of 1965 (HEA) to determine 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% regarding the quantity through which their modified gross income and that of the partner (if relevant) surpasses 150% for the poverty level that is federal.
Establishes a 10/10 Loan Forgiveness Program that delivers FFEL and DL forgiveness to borrowers whom, following the date that is 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 create re re payments at the very lebecauset as large as those they might are making underneath the 10/10 Loan Repayment Plan.
Credits the months during which a person is in deferment as a result of a hardship that is economic months which is why re re re payment had been designed for purposes regarding 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 of the Act’s enactment.
Caps the rate of interest on 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 when you look at the public service employee loan forgiveness system.
Allows particular borrowers to combine their personal training loans as Direct Consolidation Loans, supplied the personal loans were made on or ahead of the date with this Act’s enactment.
Limitations such borrowers to those who: (1) had been pupils qualified to receive unsubsidized Stafford loans or PLUS loans underneath the FFEL or DL programs with their 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 training 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 interest on those Direct Consolidation Loans at 3.4per cent.
Needs borrowers to utilize for 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 want personal training loan providers to market personal training loans to your Secretary of Education for consolidation as Direct Consolidation Loans.
Sets forth the info to be utilized in determining the purchase price covered such loans.
Amends name IV associated with HEA to direct the Secretary of Education to pay for 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 cover the attention that accrues on Federal Consolidation Loans which are in deferment because of a debtor’s absence of full-time work, provided 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 subject to income-based payment conditions and are also 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 3 years of full-time jobless.
Excludes from a debtor’s taxable earnings the main and interest on FFELs and DLs that is forgiven pursuant to income-based payment plans.