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

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

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.

Committees of jurisdiction 1