H.R.5622 - GPA Act114th Congress (2015-2016)
|Sponsor:||Rep. Aguilar, Pete [D-CA-31] (Introduced 07/05/2016)|
|Committees:||House - Education and the Workforce|
|Latest Action:||House - 09/19/2016 Referred to the Subcommittee on Higher Education and Workforce Training. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5622 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in House (07/05/2016)
Grace Period Alleviation Act or the GPA Act
This bill amends the Higher Education Act of 1965 to allow a borrower of a Federal Direct Stafford Loan (whether subsidized or unsubsidized) to elect a one-year grace period before beginning repayment on the loan.
The Department of Education, through a loan modification process, must pay to each borrower who received a Federal Direct Stafford Loan for which the first disbursement was made between July 1, 2012, and July 1, 2014, an amount equal to the amount of interest that accrued on the loan prior to the beginning of the repayment period.