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H.R. 5596 (113th): Fairness in Student Loan Repayment Act

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The text of the bill below is as of Sep 18, 2014 (Introduced). The bill was not enacted into law.

I

113th CONGRESS

2d Session

H. R. 5596

IN THE HOUSE OF REPRESENTATIVES

September 18, 2014

(for himself, Mr. Hastings of Florida, Mr. Murphy of Florida, and Mr. Payne) introduced the following bill; which was referred to the Committee on Education and the Workforce

A BILL

To provide borrowers of Federal Family Education Loans with the repayment terms available to borrowers of Federal Direct Loans, and for other purposes.

1.

Short title

This Act may be cited as the Fairness in Student Loan Repayment Act .

2.

Repayment terms for Federal Family Education Loans

(a)

In general

Section 455 of the Higher Education Act of 1965 ( 20 U.S.C. 1087e ) is amended by adding at the end the following new subsection:

(r)

Repayment terms for Federal Family Education Loans

(1)

Applicability of programs available under this section

The Secretary shall apply subsections (d), (e), (f), (l), (m), and (o) to all loans made under part B as if such loans were made under this part.

(2)

Payment of balance and interest

In carrying out paragraph (1), the Secretary shall pay to the holder of a loan made under part B the amount of principal, interest, or special allowance payments necessary to apply subsections (d), (e), (f), (l), (m), and (o) to such loan, as appropriate.

.

(b)

Consolidation loans

Section 428C(a)(3)(B)(i) of the Higher Education Act of 1965 ( 20 U.S.C. 1087–3(a)(3)(B)(i) ) is amended—

(1)

in subclause (III), by striking the semicolon and inserting ; and;

(2)

in subclause (IV), by striking ; and and inserting a period; and

(3)

by striking subclause (V).