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Parent PLUS Loan Improvement Act of 2016

Introduced: March 2, 2016 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Sep 19, 2016

Referred to the Subcommittee on Higher Education and Workforce Training.

Mar 2, 2016

Referred to the House Committee on Education and the Workforce.

Mar 2, 2016

Introduced in House

Plain-English summary Congressional Research Service

Parent PLUS Loan Improvement Act of 2016

This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to modify the applicable terms and conditions with respect to Federal Direct PLUS Loans to parent borrowers (i.e., parent PLUS loans).

Specifically, it reduces the interest rate and eliminates the origination fee for a parent PLUS loan disbursed on or after July 1, 2016.

The Department of Education must ensure, prior to disbursement, that a parent PLUS loan borrower receives counseling that includes comprehensive information on the terms, conditions, and responsibilities with respect to the loan.

The bill makes a parent PLUS loan eligible for the income-contingent and income-based repayment plans. Additionally, it makes a consolidation loan that repays parent PLUS loan eligible for the income-based repayment plan.

What's happening now September 19, 2016

Referred to the Subcommittee on Higher Education and Workforce Training.

Committees of jurisdiction 2