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Overview: H.R.1330 вЂ” 113th Congress (2013-2014) All Information (Except Text)
There clearly was one summary 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 title IV (Student Assistance) of this advanced schooling Act of 1965 (HEA) to ascertain a 10/10 Loan Repayment Arrange which allows 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% regarding the quantity through which their adjusted gross earnings and therefore of the partner (if relevant) surpasses 150% of this federal poverty degree.
Establishes a 10/10 Loan Forgiveness Program that delivers FFEL and DL forgiveness to borrowers whom, following payday loans North Carolina online 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 payment plan that needed them to produce re re re payments at the very least as big as those they might are making underneath the 10/10 Loan Repayment Plan.
Credits the months during which someone is in deferment because of a hardship that is economic months which is why re payment had been designed for purposes for the 10/10 Loan Forgiveness Program.
Caps the total amount of loan forgiveness that the scheduled system will give you to people who become brand brand new borrowers following the date with this Act’s enactment.
Caps the rate of interest on brand brand brand brand new DLs at 3.4per cent.
Amends the general public solution employee loan forgiveness system to forgive the DLs of participants that have made 60 (presently, 120) monthly obligations on such loans pursuant to specified repayment plans.
Includes care that is primary in clinically underserved areas into 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 were made on or prior to the date for this Act’s enactment.
Limitations such borrowers to those that: (1) had been pupils entitled to unsubsidized Stafford loans or PLUS loans underneath the FFEL or DL programs because of their enrollment at an institution of degree, or could have been had they been enrolled on at the least a half-time foundation; (2) lent a minumum of one personal training loan for such enrollment; and (3) have actually the 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 use for such loans within one of this Act’s enactment year.
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 personal training loans towards the Secretary of Education for consolidation as Direct Consolidation Loans.
Sets forth the info to be utilized in determining the purchase price taken care of such loans.
Amends name IV associated with the HEA to direct the Secretary of Education to cover the interest that accrues on unsubsidized FFELs and DLs which are deferred as a result of pupil debtor’s shortage of full-time work.
Needs the Secretary to cover the attention that accrues on Federal Consolidation Loans which can be in deferment because of a debtor’s shortage of full-time work, offered the application form for such that loan is gotten on or following the date with this Act’s enactment.
Directs the Secretary to cover the attention that accrues on FFELs and DLs which are susceptible to income-based payment conditions as they are in deferment because of a debtor’s shortage of full-time work.
Limitations these interest-free deferment durations to those occurring on or following the date of the 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 income-based payment plans.