Student Loan Payment Optimization Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Nov 5, 2015)
Student Loan Payment Optimization Act
This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 and the Truth in Lending Act to establish rules that lenders must follow regarding the overpayment and underpayment of student loan payments for borrowers with one or more loans that are grouped together. These rules are applicable to the Federal Family Education Loan and the William D. Ford Federal Direct Loan programs, except for income-based repayment plans, and federal Perkins Loans.
The bill requires lenders to apply payments that are more than the monthly payment amount towards any outstanding fees owed and then towards the principal due on the loan that bears the highest interest rate. In addition, lenders must apply payments that are less than the monthly payment amount towards any outstanding fees owed and then towards the loan with the smallest balance of principal and interest combined unless the borrower requests otherwise.
What just happenedMar 23, 2016
Referred to the Subcommittee on Higher Education and Workforce Training.
Who’s behind it
- Introduced in HouseNov 5, 2015
- Mar 23, 2016Committee
Referred to the Subcommittee on Higher Education and Workforce Training.
Higher Education and Workforce Development Subcomittee - Nov 5, 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 - Nov 5, 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.
- Nov 5, 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 - Nov 5, 2015IntroReferralIntro-H
Introduced in House
- Nov 5, 2015IntroReferral1000
Introduced in House