Affordable Loans for Any Student Act
- Last Action
- 4/3/2019
CRS Summary
As of 2019-04-03 (00)
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 annual and exit student loan counseling.
Subjects
- Administrative law and regulatory procedures
- Congressional oversight
- Debt collection
- Financial literacy
- Government information and archives
- Government lending and loan guarantees
- Government studies and investigations
- Higher education
- Interest, dividends, interest rates
- Internet and video services
- Internet, web applications, social media
- Marriage and family status
- Public contracts and procurement
- Student aid and college costs
- Tax administration and collection, taxpayers
- User charges and fees
- Wages and earnings
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.