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Summary: H.R.1330 — 113th Congress (2013-2014) All Information (Except Text)
There clearly was one summary cashcentralpaydayloans.com/payday-loans-ia/ for H.R.1330. Bill summaries are authored by CRS.
Shown Right Right Right Here: Introduced in Home (03/21/2013)
Education loan Fairness Act – Amends name IV (Student Assistance) of the advanced schooling Act of 1965 (HEA) to ascertain a 10/10 Loan Repayment Arrange enabling borrowers of Federal Family Education Loans (FFELs) and Direct Loans (DLs) to restrict their payment per month on such loans to one-twelfth of 10% associated with the quantity through which their modified gross earnings and therefore of the partner (if applicable) surpasses 150% of this federal poverty degree.
Establishes a 10/10 Loan Forgiveness Program providing you with FFEL and DL forgiveness to borrowers whom, following the date this is certainly ten years ahead of the date with this Act’s enactment, are making 120 payments that are monthly the 10/10 Loan Repayment Plan or under another repayment plan that needed them to help make re re payments at the very lebecauset as big as those they might are making underneath the 10/10 Loan Repayment Plan.
Credits the months during which a person is with in deferment because of a hardship that is economic months which is why re re re payment had been created for purposes of this 10/10 Loan Forgiveness Program.
Caps the quantity of loan forgiveness that the system will give you to people who become brand brand new borrowers following the date of the Act’s enactment.
Caps the rate of interest on new DLs at 3.4per cent.
Amends the general public solution employee loan forgiveness system to forgive the DLs of participants who possess made 60 (presently, 120) monthly obligations on such loans pursuant to specified repayment plans.
Includes care that is primary in clinically underserved areas when you look at the public service employee loan forgiveness system.
Allows borrowers that are certain combine their personal training loans as Direct Consolidation Loans, supplied the personal loans had been made on or prior to the date with this Act’s enactment.
Limits such borrowers to those that: (1) had been pupils entitled to unsubsidized Stafford loans or PLUS loans underneath the FFEL or DL programs due to their enrollment at an organization of degree, or could have been had they been enrolled on at the very least a basis that is half-time (2) lent one or more personal training loan for such enrollment; and (3) have actually an average modified gross earnings that doesn’t meet or exceed their total training financial obligation.
Caps the interest on those Direct Consolidation Loans at 3.4per cent.
Needs borrowers to try to get such loans within one 12 months of the Act’s enactment.
Amends the facts in Lending Act to direct the Bureau of customer Financial Protection (CFPB) to issue regulations that want personal training loan providers to market education that is private into the Secretary of Education for consolidation as Direct Consolidation Loans.
Sets forth the info to be used in determining the purchase price covered such loans.
Amends name IV for the HEA to direct the Secretary of Education to cover the attention that accrues on unsubsidized FFELs and DLs which can be deferred as a result of a learning pupil debtor’s absence of full-time work.
Needs the Secretary to pay for the attention that accrues on Federal Consolidation Loans which can be in deferment as a result of a debtor’s shortage of full-time work, supplied the program for such that loan is gotten on or following the date for this Act’s enactment.
Directs the Secretary to pay for the attention that accrues on FFELs and DLs which are at the mercy of income-based payment conditions as they are in deferment because of a debtor’s absence of full-time work.
Limitations these interest-free deferment durations to those occurring on or following the date with this Act’s enactment and addressing a maximum of 3 years of full-time jobless.
Excludes from the debtor’s taxable earnings the main and interest on FFELs and DLs that is forgiven pursuant to repayment that is income-based.