Student Loan Prepayment Standardization Act

Summary

Student Loan Prepayment Standardization Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require that when the holder of a borrower's private education loans or loans made under the Federal Family Education Loan (FFEL) or 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 interest and principal due on the loan with the highest interest rate. Makes that requirement inapplicable to income-based repayment plans for FFELs or DLs.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 21 September 2012

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• Introduced in House (PDF)

  Introduced in House · EN · 21 September 2012

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• Introduced in House

  summary · EN · 21 September 2012

  Open at official source

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