S. 1002

Referred to Committee

Affordable Loans for Any Student Act

Introduced 4/3/2019•116th Congress•Senate

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Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

4/3/2019 • Senate

Summary

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.

Introduced in Senate • 4/3/2019

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Topics & Subjects

Policy Area: Education

Administrative law and regulatory proceduresCongressional oversightDebt collectionFinancial literacyGovernment information and archivesGovernment lending and loan guaranteesGovernment studies and investigationsHigher educationInterest, dividends, interest ratesInternet and video servicesInternet, web applications, social mediaMarriage and family statusPublic contracts and procurementStudent aid and college costsTax administration and collection, taxpayersUser charges and feesWages and earnings