Jason Spencer Dallas

Student Loan Forgiveness Federal Legislation Monitor

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Congressional Bills Currently Pending:

S. 897 (Bank on Students Loan Fairness Act)

Elizabeth Warren’s bill to give student loan borrowers the same interest rate as ‘Too Big To Fail’ banks.
Status: 5/8/2013 – Referred to Senate Committee on Health, Education, Labor, and Pensio

Summary: A bill to prevent the doubling of the interest rate for Federal subsidized student loans for the 2013-2014 academic year by providing funds for such loans through the Federal Reserve System, to ensure that such loans are available at interest rates that are equivalent to the interest rates at which the Federal Government provides loans to banks through the discount window operated by the Federal Reserve System, and for other purposes. Read More

Status:Referred to Committee (May 8, 2013)
This bill was assigned to a congressional committee on May 8, 2013, which will consider it before possibly sending it on to the House or Senate as a whole. The majority of bills never make it past this point.

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.(Federal Student Loan Refinancing Act)

Dept. of Ed. FFELP and Direct Loans carrying interest rates above 4% would automatically change into fixed 4% loans. Status: 5/19/2013 – Announced by the Sponsor Senator Kirsten Gillibrand.
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S.(Federal Student Loan Refinancing Act)

Authorize the Department of the Treasury to create opportunities for private student loan borrowers to take advantage of the current low interest rates will ensure that borrowers pay rates that reflect their credit risk so that they may pursue economically productive activities like buying a home or starting a small business.
Status: 7/1/2013 – Announced by the Sponsor Senator Sherrod Brown
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S.114 (Fairness for Struggling Students Act of 2013)

Only in 2005, one year after Sallie Mae became 100% private, did private student loans suddenly get protected from consumer bankruptcy laws. This is not the best solution since it would encourage people to borrow during college and then declare bankruptcy upon graduation, but it would be better than not acting on the problem. Fomerly S. 3219 (Private Student Loan Bankruptcy Fairness Act of 2010) which got stuck in the Senate Committee on the Judiciary and then S. 1102 (Private Student Loan Bankruptcy Fairness Act of 2011) which also died in the same committee.Read More

Summary:

A bill to amend title 11, United States Code, with respect to certain exceptions to discharge in bankruptcy.

Status:
Referred to Committee (Jan 23, 2013)
This bill was assigned to a congressional committee on January 23, 2013, which will consider it before possibly sending it on to the House or Senate as a whole. The majority of bills never make it past this point.

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S. 1068 (Private Student Loan Debt Swap Act of 2011)

This is Senator Brown’s (D-OH) bill. It’s way better than the bankruptcy versions below since it wouldn’t severely negatively affect our credit score. Formerly S. 1541 (Private Student Loan Debt Swap Act of 2009) which got stuck in Senate Committee on Health, Education, Labor, and Pensions.
Status: 5/25/2011 – Referred to Senate Committee on Health, Education, Labor, and Pensions.

Summary: A bill to amend the Higher Education Act of 1965 to provide for temporary student loan debt conversion authority.Read More

Status:
Died (May 25, 2011)
This bill was introduced on May 25, 2011, in a previous session of Congress, but was not passed.

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S. 2733 (Private Education Loan Ombudsman Act)

This is Senator Brown’s (D-OH) bill. It’s a good step towards holding Sallie Mae’s despicable practices accountable.
Status: 11/5/2009 – Stuck in Senate Committee on Health, Education, Labor, and Pensions.
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S. 3281 (Forgiveness and Repayment Assistance Act of 2010)

Lowers payment amounts from 10% to 7% for the Federal Direct income-based repayment plans and lowers forgiveness from 20 years to 15 years for 2014+ students only.
Status: 4/29/2010 – Stuck in Senate Committee on Health, Education, Labor, and Pensions.
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House Bills

H.R. 1979 (Bank on Students Loan Fairness Act)

Summary: To prevent the doubling of the interest rate for Federal subsidized student loans for the 2013-2014 academic year by providing funds for such loans through the Federal Reserve System, to ensure that such loans are available at interest rates that are equivalent to the interest rates at which the Federal Government provides loans to banks through the discount window operated by the Federal Reserve System, and for other purposes.Read More

Status:Referred to House Education and the Workforce (May 14, 2013)
This bill was assigned to a congressional committee on May 14, 2013, which will consider it before possibly sending it on to the House or Senate as a whole. The majority of bills never make it past this point.

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H.R.(Student Borrower Bill of Rights Act)

Being considered for re-introduction.

Status: 2008 – Stuck, possibly in Committee, in 2006 and again in 2008.
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H.R. 4170 (Student Loan Forgiveness Act of 2012)

The “10/10” plan. Repayment capped at 10% disposable income, remainder forgiven after 10 years. New borrowers after bill passed will only be able to have first $45,520 forgiven to prevent “moral hazard.” Old borrowers are safe. Reduces public service forgiveness to 5 years. 3.4% cap on all new Fed loans including the private loans you can now consolidate with the Fed.
Status: 5/26/2011 – Referred to House Committee on Education and the Workforce.

Summary: To increase purchasing power, strengthen economic recovery, and restore fairness in financing higher education in the United States through student loan forgiveness, caps on interest rates on Federal student loans, and refinancing opportunities for private borrowers, and for other purposes.

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The Student Loan Forgiveness Act (H.R. 4170) was introduced in the 112th Congress, which has adjourned. It has not yet been reintroduced.

Status:Died (Mar 8, 2012)
This bill was introduced on March 8, 2012, in a previous session of Congress, but was not passed.

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H.R. 953 (Make College Affordable Act of 2011)

Ron Paul’s plan to make higher education more affordable by providing a full tax deduction for higher education expenses and interest on student loans.
Status: 3/8/2011 – Referred to House Committee on Ways and Means.

Summary: To amend the Internal Revenue Code of 1986 to make higher education more affordable by providing a full tax deduction for higher education expenses and interest on student loans.

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H.R. 953 was introduced in the 112th Congress, which has adjourned. It has not yet been reintroduced.

Status:Died (Mar 8, 2011)
This bill was introduced on March 8, 2011, in a previous session of Congress, but was not passed.

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H.R. 5055 (College Debt Swap Act of 2010)

House version of Brown’s S. 1541. The “adverse credit history” clause is worrying. If we can’t pay the private student loans now, hence the reason for this bill, we’re going to have adverse credit history.

Status: 4/30/2010 – In process. Currently in House Subcommittee on Higher Education, Lifelong Learning, and Competitiveness.
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H.R. 3149 (Equal Employment for All Act)

Safeguards student loan debtors by preventing employers from making decisions based on credit scores.

Status: 9/23/2010 – Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
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H.R. 4834 (Student Debt Reduction Act)

Extends 2014+ repayment terms and repayment amounts to all Federal Direct customers.

Status: 4/30/2010 – In process. Currently in House Subcommittee on Higher Education, Lifelong Learning, and Competitiveness.

H.R. 5078 (Higher Education Affordability and Equity Act of 2010)

Makes all educational expenses, including interest on student loans, tax deductible with no caps on amounts.

Status: 4/20/2010 – Stuck in House Committee on Ways and Means.
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H.R. 4574 (Student Loan Interest Full Deductibility Act)

Increase transparency and disclosure requirements for private loans, and provide for relief if the borrower died. Does not help monthly payments.

Status: 9/29/2010 – Passed to Senate. Stuck there in Senate Committee on Health, Education, Labor, and Pensions.
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