S.1002: Affordable Loans for Any Student Act

Overview

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.

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Related Bills

H.R.655

The Student Loan Repayment Assistance Act of 2019 would allow a business-related tax credit for an employer’s payments for employees under a student loan repayment program. The credit is equal to 10% of the amount that an employer pays on behalf of any employee under a program and is refundable for certain small businesses and […]

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H.R.3027

H.R. 3027 would impose a six-year statute of limitations on lenders to enforce collection of defaulted student loan. The legislation would also prohibit “administrative offset,” or the withholding of the payment of other federal benefits to collect on a defaulted loan. Lending institutions would also be prohibited from filing actions for wage garnishment to collect […]

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Contact Your Members of Congress

Our Stance

Watching

Priority

Medium

Bill Number

S.1002

Date Introduced

April 03, 2019

Committee

Senate Health, Education, Labor, and Pensions Committee

Bill Status

Introduced or Prefiled

Sponsor

Sen. Jeff Merkley

Co Sponsors