3.0.0 1068 2022-02-03T05:53:09Z 2022-02-03T05:53:09Z Senate S S 2011-05-25 112 sshr00 Health, Education, Labor, and Pensions Committee Senate Standing Referred to 2011-05-25T21:15:41Z Student Loan Simplification and Opportunity Act of 2011 112 2732 HR 2011-09-08 Referred to the Subcommittee on Higher Education and Workforce Training. Identical bill CRS 2011-05-25 sshr00 Health, Education, Labor, and Pensions Committee Senate Read twice and referred to the Committee on Health, Education, Labor, and Pensions. IntroReferral 2011-05-25 Sponsor introductory remarks on measure. (CR S3345) IntroReferral B00100 9 Library of Congress 2011-05-25 Introduced in Senate IntroReferral 10000 9 Library of Congress B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH N F000457 Sen. Franken, Al [D-MN] Al Franken D MN 2011-05-25 True Education Education programs funding Government lending and loan guarantees Higher education Student aid and college costs Education 00 2011-05-25 Introduced in Senate 2011-06-07T19:58:40Z Student Loan Simplification and Opportunity Act of 2011 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to repeal the Secretary of Education's authority, under the Direct Loan (DL) program, to purchase or enter into forward commitments to purchase: (1) Federal Family Education Loans (FFELs) from lenders, upon the determination that there is an inadequate availability of loan capital to meet the demand for such loans; and (2) rehabilitated loans that eligible lenders purchased under the FFEL default reduction program. (Currently, the Secretary's authority to purchase or enter into forward commitments to purchase such loans is set to expire in July 2010, as is the FFEL program.)

Authorizes the Secretary to offer borrowers FFEL Debt Conversion Loans, until October 2012, that cover FFELs that have not been purchased under the program this Act repeals, provided such borrowers: (1) are not in default or delinquent for 270 days or more on such loans, and (2) have an outstanding DL or an outstanding FFEL that was purchased pursuant to the program this Act repeals. (FFEL Debt Conversion Loans pay the holder of the FFEL the outstanding principal and interest on the loan, which the borrower is then obligated to repay to the Secretary under the terms of the converted FFEL.)

Authorizes the Secretary to offer benefits to borrowers of FFEL Debt Conversion Loans in an amount up to 2% of the amount advanced on the FFEL Debt Conversion Loan.

Requires federal proceeds from this Act's temporary authorization of FFEL Debt Conversion Loans to be used for the Pell grant program.

]]> Student Loan Simplification and Opportunity Act of 2011 Short Titles as Introduced Student Loan Simplification and Opportunity Act of 2011 Display Title Student Loan Simplification and Opportunity Act of 2011 Official Title as Introduced A bill to amend the Higher Education Act of 1965 to provide for temporary student loan debt conversion authority. Introduced in Senate 2011-05-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112s1068is/xml/BILLS-112s1068is.xml 2011-05-25 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.