FAIR Act

Summary

Federal Assistance to Initiate Repayment Act or the FAIR Act This bill makes various changes to the federal student loan system, including by establishing a new income-driven repayment plan and limiting the authority of the Department of Education (ED) to propose or issue regulations and executive actions related to federal student aid programs. The bill directs ED to provide at least 12 notices to each borrower of a federal student loan indicating (1) the date on which the borrower is required to make monthly loan payments; (2) the borrower's options for repayment; and (3) the options available to a borrower who is in default, including the option to consolidate or rehabilitate loans. ED must also conduct additional outreach to at-risk borrowers. Additionally, the bill replaces existing federal student loan repayment plans with one standard 10-year repayment plan and one income-driven repayment plan. The bill outlines the terms of this new income-driven repayment plan. The bill provides deferment options for borrowers with loans made on or after July 1, 2024. The bill prohibits ED from authorizing additional deferment options or periods of deferment other than those authorized by this bill. The bill allows borrowers to rehabilitate a defaulted loan twice (currently, only once). The bill also prohibits ED from issuing a proposed rule, final regulation, or executive action related to federal student aid programs if ED determines that the rule, regulation, or action (1) is economically significant, and (2) would result in an increase in a subsidy cost.

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

Timeline

1. 15 June 2023

   Introduced

   Referred to the House Committee on Education and the Workforce.

   Source: IntroReferral

2. 15 June 2023

   Introduced

   Introduced in House

   Source: IntroReferral

3. 15 June 2023

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 15 June 2023 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 15 June 2023

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 15 June 2023

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 15 June 2023

  Open at official source

Sponsors

• Burgess Owens · R · Sponsor
• Lisa McClain · R · Sponsor
• Rep. Foxx, Virginia [R-NC-5] · R · Sponsor
• Brandon Williams · R · Cosponsor
• Rep. Bacon, Don [R-NE-2] · R · Cosponsor
• Rep. Grothman, Glenn [R-WI-6] · R · Cosponsor
• Rep. Bean, Aaron [R-FL-4] · R · Cosponsor
• Cory Mills · R · Cosponsor
• Michael Burgess · R · Cosponsor
• Nicholas Langworthy · R · Cosponsor
• Rep. Yakym, Rudy [R-IN-2] · R · Cosponsor
• Rep. Houchin, Erin [R-IN-9] · R · Cosponsor
• Anthony D'Esposito · R · Cosponsor
• · hsed00 · Standing

Related records

• related to ← Protecting Taxpayers from Student Loan Bailouts Act