Summary: H.R.4670 — 116th Congress (2019-2020)All Information (Except Text)

There is one summary for H.R.4670. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (10/11/2019)

Simplifying Student Loans Act

This bill phases out existing repayment plans for federal student loans and replaces them with one fixed repayment plan and one income-based repayment plan.

Under current law, a borrower may choose among eight plans for student loan repayment, such as standard repayment, extended repayment, and income-contingent repayment.

The Department of Education must offer all borrowers a choice between the two new plans and allow borrowers of loans made prior to a date certain the option of continuing repayment under their original plan or electing to repay under one of the new plans.