H.Roentgen.1633 – Public service Loan Forgiveness Inclusion Act away from 2021
Sponsor: Rep. Foster [D-IL]
NASFAA Summation & Analysis: This bill would allow borrowers who would be eligible for PSLF but who were enrolled in a non eligible repayment plan, to have the first 60 monthly payments made under a graduated repayment or extended repayment plan to become qualifying payments under the PSLF. The bill does stipulate that borrowers must transfer to an eligible repayment plan, such as an income-based or standard repayment plan, for the remaining 60 monthly payments made under the PSLF program.
S.603 – Coronavirus Crisis Education loan Refinancing Work
Sponsor: Sen. Warner [D-VA]
NASFAA Conclusion & Analysis: This bill would establish a refinancing program for federal direct and FFEL student loans. The new interest rate for a undergraduate unsubsidized or Stafford loans would equal to the lowest yield on the 10-year Treasury note in the preceding 6 months plus 2.05 percent; graduate unsubsidized or Stafford loans would be equal to the lowest yield on the 10-year Treasury note in the preceding 6 months plus 3.6 percent; and PLUS loans would be equal to the lowest yield on the 10-year Treasury note in the preceding six months plus 4.6 percent. The bill also requires ED to establish eligibility requirements for the refinancing program based on income or debt-to-income ratio.
H.R.1586 – Student loan Change Act
Sponsor: Rep. Perry [R-PA]
NASFAA Realization & Analysis: This bill would create a program that would allow institutions of higher education to cosign all federal loans made to students during an academic year.
H.R.1133/S.311 – Stopping Doc Shortages Act
Sponsor: Rep. Harder [D-CA]
Sponsor: Sen. Feinstein [D-CA]
NASFAA Sumends the higher Training Act requiring the latest Service away from Knowledge to allow health care professionals who make complete-date work with nonprofits to be eligible for the fresh PSLF program also if they are in a roundabout way used by an excellent nonprofit team.