S.1292: LOAN Act of 2019

Overview

The LOAN ACT (S.1292) would eliminate interest on future federal student loans and replace it with a one-time, non-compounding 25 percent financing fee that borrowers would pay over the life of the loan.

H.R. 4603 is the House companion bill

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.1292

Date Introduced

May 02, 2019

Committee

Senate Health, Education, Labor, and Pensions Committee

Bill Status

Introduced or Prefiled

Sponsor

Sen. Marco Rubio