H.R.5055 - College Debt Swap Act of 2010111th Congress (2009-2010)
|Sponsor:||Rep. Fudge, Marcia L. [D-OH-11] (Introduced 04/15/2010)|
|Committees:||House - Education and Labor|
|Latest Action:||04/30/2010 Referred to the Subcommittee on Higher Education, Lifelong Learning, and Competitiveness. (All Actions)|
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Summary: H.R.5055 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (04/15/2010)
College Debt Swap Act of 2010 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to allow certain borrowers to consolidate their private education loans as Direct Consolidation Loans.
Limits such borrowers to those who: (1) are not in default on a loan made, insured, or guaranteed under title IV, except in certain instances of economic hardship; (2) were enrolled, between July 1, 1994, and July 1, 2010, as students eligible for unsubsidized Stafford loans or PLUS loans under the Federal Family Education Loan or Direct Loan programs; (3) borrowed at least one private education loan during such enrollment period; (4) are repaying their private education loan or are in a grace period preceding such repayment; (5) do not have an adverse credit history; and (6) have not previously obtained a Direct Consolidated Loan under title IV.
Makes the program applicable only to private education loans disbursed to borrowers between July 1, 1994, and July 1, 2010.
Directs the Secretary of Education to inform and educate students and their families about this loan consolidation program.
Terminates the authority to make Consolidation loans under such program on June 30, 2012.
Authorizes and appropriates additional funds for Pell Grant increases for FY2011-FY2012.