Student Loan Payment Optimization Act

Summary

Student Loan Payment Optimization Act This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 and the Truth in Lending Act to establish rules that lenders must follow regarding the overpayment and underpayment of student loan payments for borrowers with one or more loans that are grouped together. These rules are applicable to the Federal Family Education Loan and the William D. Ford Federal Direct Loan programs, except for income-based repayment plans, and federal Perkins Loans. The bill requires lenders to apply payments that are more than the monthly payment amount towards any outstanding fees owed and then towards the principal due on the loan that bears the highest interest rate. In addition, lenders must apply payments that are less than the monthly payment amount towards any outstanding fees owed and then towards the loan with the smallest balance of principal and interest combined unless the borrower requests otherwise.

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

Timeline

1. 5 November 2015

   Introduced

   Introduced in House

   Source: IntroReferral

2. 5 November 2015

   Introduced

   Introduced in House

   Source: IntroReferral

3. 5 November 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

4. 5 November 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

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 · 5 November 2015 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 5 November 2015

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 5 November 2015

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 5 November 2015

  Open at official source

Sponsors

• Theodore Deutch · D · Sponsor
• Frederica Wilson · D · Cosponsor
• Rep. Frankel, Lois [D-FL-22] · D · Cosponsor
• Eric Swalwell · D · Cosponsor
• · hsed00 · Standing
• · hsba00 · Standing

Related records

No cross-record relationships stored yet.