US SB2596 | 2021-2022 | 117th Congress

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on August 4 2021 - 25% progression
Action: 2021-08-04 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Pending: Senate Health, Education, Labor, And Pensions Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Revises interest rates and repayment plans for federal student loans. Specifically, the bill directs the Department of Education (ED) to set the interest rate on federal student loans made on or after July 1, 2022, at 0% and replace the interest with a one-time financing fee. Further, the bill permits ED to credit or refund borrowers who pay the balance of their loan earlier than required by their repayment plan with the amount of the financing fee. In addition, the bill establishes an income-dependent education assistance repayment plan as the default repayment plan for federal student loans. A borrower may select either this new plan or a 10-year fixed repayment plan. ED must calculate annual repayment amounts and provide annual statements to borrowers. The Department of the Treasury must transmit tax information to ED as necessary to determine a borrower's repayment obligations and financing fee adjustments.

Tracking Information

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Title

LOAN Act of 2021 Leveraging Opportunities for Americans Now Act of 2021

Sponsors


History

DateChamberAction
2021-08-04SenateRead twice and referred to the Committee on Health, Education, Labor, and Pensions.

Subjects


US Congress State Sources


Bill Comments 750

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