H.R.1330 – education loan Fairness Act 113th Congress (2013-2014)

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Education

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Overview: 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 title 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% 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 that delivers FFEL and DL forgiveness to borrowers whom, following the date this is certainly a decade prior to the date of the 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 re re payments at the very lesincet as big as those they might are making beneath the 10/10 Loan Repayment Plan.

Credits the months during which a person is with in deferment as a result of a financial difficulty as months for which re re payment had been created for purposes associated with the 10/10 Loan Forgiveness Program.

Caps the total amount of loan forgiveness that the scheduled system provides to people who become brand brand new borrowers following the date for this Act’s enactment.

Caps the rate of interest on brand new DLs at 3.4per cent.

Amends the general public solution employee loan forgiveness system to forgive the DLs of participants that have made 60 (presently, 120) monthly premiums on such loans pursuant to specified repayment plans.

Includes main care doctors in clinically underserved areas into the public service employee loan forgiveness system.

Allows specific borrowers to combine their online payday LA personal training loans as Direct Consolidation Loans, supplied the personal loans had been made on or prior to the date with this Act’s enactment.

Limitations such borrowers to people who: (1) had been pupils qualified to receive unsubsidized Stafford loans or PLUS loans underneath the FFEL or DL programs due 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) borrowed one or more personal training loan for such enrollment; and (3) have actually the average modified gross income 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 of this Act’s enactment year.

Amends the reality in Lending Act to direct the Bureau of Consumer Financial Protection (CFPB) to issue regulations that need 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 taken care of such loans.

Amends name IV regarding the HEA to direct the Secretary of Education to pay for the attention that accrues on unsubsidized FFELs and DLs which can be deferred because of a learning 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 absence of full-time work, supplied the application form for such that loan is received 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 at the mercy of repayment that is income-based and tend to be 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 with this Act’s enactment and addressing a maximum of 36 months of full-time jobless.

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.