US HB6424 | 2021-2022 | 117th Congress

Status

Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 19 2022 - 25% progression
Action: 2022-01-19 - Referred to the Committee on Education and Labor, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Pending: House Education and Labor Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Makes various changes to student loan forgiveness and loan repayment programs. First, the bill authorizes graduate and professional students to receive subsidized Stafford Loans. These students have been ineligible to receive subsidized Stafford Loans since July 1, 2012. Next, the bill allows student loans to be discharged in bankruptcy proceedings. The bill also establishes refinancing programs for student loans. It allows certain borrowers to refinance their federal student loans down to lower interest rates, and it creates the Federal Direct Refinanced Private Loan to allow certain borrowers to refinance their private student loans. Additionally, the bill revises the Public Service Loan Forgiveness (PSLF) program, such as by (1) allowing certain part-time faculty to participate in the PSLF program, (2) directing the Department of Education (ED) to annually cancel 10% of the amount a borrower owes after satisfying 12 qualifying monthly payments, (3) revising the process for certification of employment, and (4) requiring ED to establish a dispute resolution process. Further, the bill revises federal student loan repayment programs, including by (1) replacing existing student loan repayment plans with one income-based repayment plan and one standard 10-year repayment plan, and (2) allowing existing borrowers to lower their payments by switching to these new plans. It also establishes a process for ED to enroll a delinquent borrower in a new repayment plan. The bill also requires ED to provide certain notifications to borrowers.

Tracking Information

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Title

HIGHER ED Act Helping Individuals Get a Higher Education while Reducing Education Debt Act

Sponsors


History

DateChamberAction
2022-01-19HouseReferred to the Committee on Education and Labor, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2022-01-19HouseReferred to the Committee on Education and Labor, and in addition to the Committee on the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
2022-01-19HouseIntroduced in House

Same As/Similar To

HB4563 (Related) 2021-07-20 - Referred to the House Committee on the Judiciary.
HB4631 (Related) 2021-07-22 - Referred to the House Committee on Education and Labor.
SB603 (Related) 2021-03-04 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
SB2442 (Related) 2021-07-22 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text: CR S5053)
SB2976 (Related) 2021-10-07 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Subjects


US Congress State Sources


Bill Comments

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