H.R.3833: Streamlining Income-driven, Manageable Payments on Loans for Education Act
The SIMPLE Act (H.R. 3833) would reduce paperwork requirements for borrowers and connect them to federal relief programs. The bill would establish an information-sharing system between the Department of Education (ED) and the Treasury to automatically verify totally and permanently disabled borrowers’ continued eligibility for a loan discharge during the three-year monitoring period. The bill also requires the ED to use the income information borrowers have on file at the Treasury to send personalized notices to severely delinquent borrowers that show the lower monthly payments available to them under income-driven repayment plans. Additionally, the bill would use defaulted borrowers’ income information to enroll them automatically in an income-driven repayment plan upon completion of loan rehabilitation.
S. 1712 is the Senate companion bill introduced by Sen. Ron Wyden.View Full Overview