Student Loan Fair Prepayment Act

Summary

Student Loan Fair Prepayment Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require that when the holder of a borrower's loans under the Federal Family Education Loan (FFEL) or William D. Ford Federal Direct Loan (DL) programs receives a prepayment for such loans, it is to be applied first toward any fees due on such loans and then, unless the borrower requests otherwise, toward the principal due on the loan that bears the highest interest rate. Makes that requirement inapplicable to income-based or income contingent repayment plans for FFELs or DLs. Requires an institution of higher education holding a borrower's loans under the Federal Perkins Loan program to first apply any excess payments by the borrower toward any fees due on such loans and then, unless the borrower requests otherwise, toward the principal due on the loan that bears the highest interest rate. Amends the Truth in Lending Act to require a private education loan holder that holds more than one private education loan for a borrower to apply any prepayments on those loans first toward any fees due on such loans and then, unless the borrower requests otherwise, toward the principal due on the loan that bears the highest interest rate.

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

Timeline

1. 13 March 2014

   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. 13 March 2014

   Introduced

   Introduced in House

   Source: IntroReferral

3. 13 March 2014

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 13 March 2014 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 13 March 2014

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 13 March 2014

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 13 March 2014

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  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. Jones, Walter B., Jr. [R-NC-3] · R · Cosponsor
• Rep. Peters, Scott H. [D-CA-50] · D · Cosponsor
• Rep. Perlmutter, Ed [D-CO-7] · D · Cosponsor
• Rep. Deutch, Theodore E. [D-FL-22] · D · Cosponsor
• · hsba00 · Standing
• · hsed00 · Standing

Related records

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