Affordable Loans for Any Student Act

Summary

Affordable Loans for Any Student Act This bill addresses repayment options, loan disclosures, and loan counseling for student loans. The bill revises requirements concerning repayment options for student loan borrowers. For instance, the bill terminates interest capitalization and origination fees for Federal Direct Loans, provides assistance to low-income borrowers or borrowers who are delinquent on loan payments, and replaces the existing income-based repayment plans with two new plans. Under the new plans, borrowers may choose (1) a fixed repayment plan with equal monthly payments paid over a period of 10 years, or (2) an income-based repayment plan with monthly payments equal to 10% percent of their income above the poverty level. The income-based plan is capped at 20 years of payments. The bill also revises requirements concerning student loan disclosures and student loan counseling for borrowers. For instance, the bill requires the Department of Education to maintain online counseling tools that provide borrowers with annual and exit student loan counseling.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 3 April 2019

   Introduced

   Referred to the Committee on Education and Labor, and in addition to the Committees on Ways and Means, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

2. 3 April 2019

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 April 2019

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 3 April 2019 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 3 April 2019

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 3 April 2019

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 3 April 2019

  Open at official source

Sponsors

• Rosa DeLauro · D · Sponsor
• · hsba00 · Standing
• · hswm00 · Standing
• · hsed00 · Standing

Related records

• related to → Student Aid Simplification Act
• related to → Affordable Loans for Any Student Act
• related to ← Joint Consolidation Loan Separation Act
• related to ← Joint Consolidation Loan Separation Act
• related to ← Student Loan Tax Elimination Act
• related to ← Eliminating the Hidden Student Loan Tax Act