S.1002: Affordable Loans for Any Student Act
Affordable Loans for Any Student Act of 2019 (S. 1002) would reform the federal student loan repayment system so that borrowers have the option of a fixed or an income-based repayment (IBR) plan. The bill would also eliminate interest capitalization and loan origination fees and allow for the automatic recertification of income under IBR plans.
In addition, the bill would:
• Target assistance to struggling and low-income borrowers.
• Limit aggressive federal debt collection amounts that are obtained through wage garnishment or tax offset to no more than the amount the borrower would pay under IBR.
• Provide relief to severely delinquent borrowers and those who rehabilitate their loans by automatically enrolling them into the IBR plan.
• Improves other loan disclosures and interactive counseling.
H.R. 2065 is the House companion bill.View Full Overview