Student Loan Fair Prepayment Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Oct 21, 2015)
Student Loan Fair Prepayment Act
This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to require a student loan borrower's prepayment amount on a Federal Family Education Loan, Federal Direct Loan, or Federal Perkins Loan to be applied first toward outstanding fees and then, unless a borrower requests otherwise, in the following order: (1) toward the principle due on the loan with the highest interest rate, if multiple loans have different interest rates; and (2) toward the principle due on the loan with the highest balance, if multiple loans have the same interest rate.
Additionally, it amends the Truth in Lending Act to require a borrower's prepayment amount on a private education loan to be applied first toward outstanding fees and then, unless a borrower requests otherwise, in the following order: (1) toward the principle due on the loan with the highest interest rate, if multiple loans have different interest rates; and (2) toward the principle due on the loan with the highest balance, if multiple loans have the same interest rate.
What just happenedMar 23, 2016
Referred to the Subcommittee on Higher Education and Workforce Training.
Who’s behind it
- Introduced in HouseOct 21, 2015
- Mar 23, 2016Committee
Referred to the Subcommittee on Higher Education and Workforce Training.
Higher Education and Workforce Development Subcomittee - Oct 21, 2015IntroReferralH11100
Referred to the Committee on Education and the Workforce, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Financial Services Committee - Oct 21, 2015IntroReferralH11100-A
Referred to the Committee on Education and the Workforce, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- Oct 21, 2015IntroReferralH11100
Referred to the Committee on Education and the Workforce, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Education and the Workforce Committee - Oct 21, 2015IntroReferralIntro-H
Introduced in House
- Oct 21, 2015IntroReferral1000
Introduced in House