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S 3953 117th Congress Senate Education

Affordable Loans for Any Student Act

Introduced: March 30, 2022 Introduced by: Merkley, Jeff Democratic · Oregon See on congress.gov
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) 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 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 30, 2022
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Mar 30, 2022
Introduced in Senate
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 Plain-English summary Congressional Research Service

Affordable Loans for Any Student Act

This bill addresses repayment options, loan disclosures, and loan counseling for student loans.

The bill revises requirements concerning repayment options for student loan borrowers. For instance, the bill terminates interest capitalization and origination fees for Federal Direct Loans, provides assistance to low-income borrowers or borrowers who are delinquent on loan payments, and replaces the existing income-based repayment plans with two new plans. Under the new plans, borrowers may choose (1) a fixed repayment plan with equal monthly payments paid over a period of 10 years, or (2) an income-based repayment plan with monthly payments equal to 10% percent of their income above the poverty level. The income-based plan is capped at 20 years of payments.

The bill also revises requirements concerning student loan disclosures and student loan counseling for borrowers. For instance, the bill requires the Department of Education to maintain online counseling tools that provide borrowers with entrance and exit student loan counseling.

What's happening now March 30, 2022

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

 Related & companion bills 2
  • S 4459 Related bill Student Debt Relief and College Affordability Act
  • HR 7288 Identical bill Affordable Loans for Any Student Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 8
All 8 Democratic 8
D
Baldwin, Tammy
Wisconsin · Mar 30, 2022
 D
Blumenthal, Richard
Connecticut · Mar 30, 2022
 D
Booker, Cory A.
New Jersey · Mar 30, 2022
 D
Cortez Masto, Catherine
Nevada · Mar 30, 2022
 D
Hassan, Margaret Wood
New Hampshire · Mar 30, 2022
 D
Schatz, Brian
Hawaii · Mar 30, 2022
 D
Van Hollen, Chris
Maryland · Mar 30, 2022
 D
Wyden, Ron
Oregon · Mar 30, 2022
Cite this page click to expand
APA
U.S. Congress. (2026). S. 3953: Affordable Loans for Any Student Act. 117th Congress. Open America. https://openamerica.io/bill/117-S-3953/
MLA
"S. 3953: Affordable Loans for Any Student Act." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-S-3953/.
Bluebook (legal)
S. 3953, 117th Cong. (2026), https://openamerica.io/bill/117-S-3953/.
Markdown link
[S. 3953: Affordable Loans for Any Student Act](https://openamerica.io/bill/117-S-3953/)
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