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HR 3786 114th Congress House Education Government lending and loan guarantees Higher education Interest, dividends, interest rates Student aid and college costs User charges and fees

Student Loan Fair Prepayment Act

Introduced: October 21, 2015 See on congress.gov
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This bill died when the 114th Congress ended
It never became law before the 114th Congress (2015–2016) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 23, 2016
Referred to the Subcommittee on Higher Education and Workforce Training.
Oct 21, 2015
Referred to the Committee on Education and the Workforce, and in addition to the Committee on Financial Services, 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.
Oct 21, 2015
Introduced in House
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 Plain-English summary Congressional Research Service

Student Loan Fair Prepayment Act

This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to require a student loan borrower's prepayment amount on a Federal Family Education Loan, Federal Direct Loan, or Federal Perkins Loan to be applied first toward outstanding fees and then, unless a borrower requests otherwise, in the following order: (1) toward the principle due on the loan with the highest interest rate, if multiple loans have different interest rates; and (2) toward the principle due on the loan with the highest balance, if multiple loans have the same interest rate.

Additionally, it amends the Truth in Lending Act to require a borrower's prepayment amount on a private education loan to be applied first toward outstanding fees and then, unless a borrower requests otherwise, in the following order: (1) toward the principle due on the loan with the highest interest rate, if multiple loans have different interest rates; and (2) toward the principle due on the loan with the highest balance, if multiple loans have the same interest rate.

What's happening now March 23, 2016

Referred to the Subcommittee on Higher Education and Workforce Training.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 3
 Cosponsors 4
All 4 Democratic 4
D
Wilson, Frederica S.
Florida · Dec 15, 2015
 D
Garamendi, John
California · Oct 28, 2015
 D
Takano, Mark
California · Oct 26, 2015
 D
Peters, Scott H.
California · Oct 21, 2015
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 3786: Student Loan Fair Prepayment Act. 114th Congress. Open America. https://openamerica.io/bill/114-HR-3786/
MLA
"H.R. 3786: Student Loan Fair Prepayment Act." 114th Congress, 2026, Open America, https://openamerica.io/bill/114-HR-3786/.
Bluebook (legal)
H.R. 3786, 114th Cong. (2026), https://openamerica.io/bill/114-HR-3786/.
Markdown link
[H.R. 3786: Student Loan Fair Prepayment Act](https://openamerica.io/bill/114-HR-3786/)
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