H.R.4670 - Simplifying Student Loans Act116th Congress (2019-2020) |
|Sponsor:||Rep. Wild, Susan [D-PA-7] (Introduced 10/11/2019)|
|Committees:||House - Education and Labor|
|Latest Action:||House - 10/11/2019 Referred to the House Committee on Education and Labor. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.4670 — 116th Congress (2019-2020)All Information (Except Text)
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.