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Main Subject: Education

Affordable Loans for Any Student Act

This bill addresses repayment options, loan disclosures, and loan counseling for student loans.

The bill revises requirements concerning repayment options for student loan borrowers. For instance, the bill terminates interest capitalization and origination fees for Federal Direct Loans, provides assistance to low-income borrowers or borrowers who are delinquent on loan payments, and replaces the existing income-based repayment plans with two new plans. Under the new plans, borrowers may choose (1) a fixed repayment plan with equal monthly payments paid over a period of 10 years, or (2) an income-based repayment plan with monthly payments equal to 10% percent of their income above the poverty level. The income-based plan is capped at 20 years of payments.

The bill also revises requirements concerning student loan disclosures and student loan counseling for borrowers. For instance, the bill requires the Department of Education to maintain online counseling tools that provide borrowers with annual and exit student loan counseling.

S1696-116, S1002-116, HR640-116, HR2728-116, HR3674-116, S1489-116,

Categories

Administrative law and regulatory procedures Congressional oversight Debt collection Financial literacy Government information and archives Government lending and loan guarantees Government studies and investigations Higher education Interest, dividends, interest rates Internet and video services Internet, web applications, social media Marriage and family status Public contracts and procurement Student aid and college costs Tax administration and collection, taxpayers User charges and fees Wages and earnings Interest dividends interest rates Internet web applications social media Tax administration and collection Education

House floor actions Actions

IntroReferral

Apr. 03
2019

Referred to the Committee on Education and Labor, and in addition to the Committees on Ways and Means, and 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.
Referred to the Committee on Education and Labor, and in addition to the Committees on Ways and Means, and 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.
Referred to the Committee on Education and Labor, and in addition to the Committees on Ways and Means, and 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.

Library of Congress Actions

IntroReferral
Apr. 03 2019	Introduced in House Introduced in House

House bill HR2065-116

Affordable Loans for Any Student Act

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