Parent PLUS Loan Improvement Act of 2016
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Mar 2, 2016)
Parent PLUS Loan Improvement Act of 2016
This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to modify the applicable terms and conditions with respect to Federal Direct PLUS Loans to parent borrowers (i.e., parent PLUS loans).
Specifically, it reduces the interest rate and eliminates the origination fee for a parent PLUS loan disbursed on or after July 1, 2016.
The Department of Education must ensure, prior to disbursement, that a parent PLUS loan borrower receives counseling that includes comprehensive information on the terms, conditions, and responsibilities with respect to the loan.
The bill makes a parent PLUS loan eligible for the income-contingent and income-based repayment plans. Additionally, it makes a consolidation loan that repays parent PLUS loan eligible for the income-based repayment plan.
What just happenedSep 19, 2016
Referred to the Subcommittee on Higher Education and Workforce Training.
Who’s behind it
- Introduced in HouseMar 2, 2016
- Sep 19, 2016Committee
Referred to the Subcommittee on Higher Education and Workforce Training.
Higher Education and Workforce Development Subcomittee - Mar 2, 2016IntroReferralH11100
Referred to the House Committee on Education and the Workforce.
Education and the Workforce Committee - Mar 2, 2016IntroReferralIntro-H
Introduced in House
- Mar 2, 2016IntroReferral1000
Introduced in House