Student Loan Fair Prepayment Act

Summary

Student Loan Fair Prepayment Act This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to require a student loan borrower's prepayment amount on a Federal Family Education Loan, Federal Direct Loan, or Federal Perkins Loan to be applied first toward outstanding fees and then, unless a borrower requests otherwise, in the following order: (1) toward the principle due on the loan with the highest interest rate, if multiple loans have different interest rates; and (2) toward the principle due on the loan with the highest balance, if multiple loans have the same interest rate. Additionally, it amends the Truth in Lending Act to require a borrower's prepayment amount on a private education loan to be applied first toward outstanding fees and then, unless a borrower requests otherwise, in the following order: (1) toward the principle due on the loan with the highest interest rate, if multiple loans have different interest rates; and (2) toward the principle due on the loan with the highest balance, if multiple loans have the same interest rate.

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

Timeline

1. 21 October 2015

   Introduced

   Referred to the Committee on Education and the Workforce, and in addition to the Committee on 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. 21 October 2015

   Introduced

   Referred to the Committee on Education and the Workforce, and in addition to the Committee on 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

3. 21 October 2015

   Introduced

   Introduced in House

   Source: IntroReferral

4. 21 October 2015

   Introduced

   Introduced in House

   Source: IntroReferral

5. 23 March 2016

   Referred

   Referred to the Subcommittee on Higher Education and Workforce Training.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 21 October 2015 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 21 October 2015

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 21 October 2015

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 21 October 2015

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  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Davis, Susan A. [D-CA-53] · D · Sponsor
• Rep. Peters, Scott H. [D-CA-50] · D · Sponsor
• Rep. Takano, Mark [D-CA-39] · D · Cosponsor
• Rep. Farr, Sam [D-CA-20] · D · Cosponsor
• Rep. Hastings, Alcee L. [D-FL-20] · D · Cosponsor
• Rep. Garamendi, John [D-CA-8] · D · Cosponsor
• Rep. Wilson, Frederica S. [D-FL-24] · D · Cosponsor
• · hsed00 · Standing
• · hsba00 · Standing

Related records

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