3.0.0 1131 2023-01-11T13:28:40Z 2023-01-11T13:28:40Z House HR 2015-02-26 114 [Congressional Record Volume 161, Number 33 (Thursday, February 26, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. McDERMOTT:H.R. 1131.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8.[Page H1371]]]> hsed00 Education and the Workforce Committee House Standing hsed13 Higher Education and Workforce Development Subcomittee Referred to 2015-04-29T14:28:23Z Referred to 2015-02-26T15:05:25Z hsju00 Judiciary Committee House Standing hsju05 Administrative State, Regulatory Reform, and Antitrust Subcommittee Referred to 2015-03-31T21:08:42Z Referred to 2015-02-26T15:05:35Z hswm00 Ways and Means Committee House Standing Referred to 2015-02-26T15:05:30Z Fairness for Struggling Students Act of 2015 114 729 S 2015-03-12 Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S1497) Related bill CRS 2015-04-29 hsed13 Higher Education and Workforce Development Subcomittee 1 House committee actions Referred to the Subcommittee on Higher Education and Workforce Training. Committee 2015-03-31 hsju05 Administrative State, Regulatory Reform, and Antitrust Subcommittee 1 House committee actions Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law. Committee 2015-02-26 Referred to the Committee on Education and the Workforce, and in addition to the Committees on Ways and Means, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsju00 Judiciary Committee 2015-02-26 Referred to the Committee on Education and the Workforce, and in addition to the Committees on Ways and Means, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2015-02-26 Referred to the Committee on Education and the Workforce, and in addition to the Committees on Ways and Means, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100-A 9 Library of Congress 2015-02-26 Referred to the Committee on Education and the Workforce, and in addition to the Committees on Ways and Means, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2015-02-26 Sponsor introductory remarks on measure. (CR E259) IntroReferral B00100 9 Library of Congress 2015-02-26 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-02-26 Introduced in House IntroReferral 1000 9 Library of Congress M000404 Rep. McDermott, Jim [D-WA-7] JIM MCDERMOTT D WA 7 N S001175 Rep. Speier, Jackie [D-CA-14] Jackie Speier D CA 14 2015-03-16 False R000053 Rep. Rangel, Charles B. [D-NY-13] CHARLES RANGEL D NY B. 13 2015-03-16 False N000179 Rep. Napolitano, Grace F. [D-CA-32] GRACE NAPOLITANO D CA F. 32 2015-03-16 False D000191 Rep. DeFazio, Peter A. [D-OR-4] PETER DEFAZIO D OR A. 4 2015-03-16 False N000127 Rep. Nolan, Richard M. [D-MN-8] RICHARD NOLAN D MN 8 2015-03-16 False W000800 Rep. Welch, Peter [D-VT-At Large] Peter Welch D VT 0 2015-03-16 False B000911 Rep. Brown, Corrine [D-FL-5] CORRINE BROWN D FL 5 2015-03-16 False C001090 Rep. Cartwright, Matt [D-PA-17] Matt Cartwright D PA 17 2015-03-18 False C000714 Rep. Conyers, John, Jr. [D-MI-13] JOHN CONYERS D MI 13 2015-03-18 False C001080 Rep. Chu, Judy [D-CA-27] Judy Chu D CA 27 2015-03-23 False D000216 Rep. DeLauro, Rosa L. [D-CT-3] ROSA DELAURO D CT 3 2015-03-23 False J000032 Rep. Jackson Lee, Sheila [D-TX-18] SHEILA JACKSON LEE D TX 18 2015-03-23 False F000030 Rep. Farr, Sam [D-CA-20] SAM FARR D CA 20 2015-04-13 False D000399 Rep. Doggett, Lloyd [D-TX-35] LLOYD DOGGETT D TX 35 2015-04-13 False D000623 Rep. DeSaulnier, Mark [D-CA-11] Mark DeSaulnier D CA 11 2015-04-15 False S000480 Rep. Slaughter, Louise McIntosh [D-NY-25] LOUISE SLAUGHTER D NY M. 25 2015-04-28 False M001163 Rep. Matsui, Doris O. [D-CA-6] Doris Matsui D CA O. 6 2015-05-12 False Education Bankruptcy Debt collection Government lending and loan guarantees Higher education Income tax deductions Income tax rates Inflation and prices Interest, dividends, interest rates Social work, volunteer service, charitable organizations Student aid and college costs User charges and fees Education 00 2015-02-26 Introduced in House 2015-03-20T19:54:50Z Fairness in Student Loan Lending Act

Amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Secretary of Education to establish a program to refinance the unpaid principal, accrued unpaid interest, and late charges on: (1) the William D. Ford Federal Direct Loans (DLs) of qualified borrowers if the DLs were first disbursed, or the application for their reissuance was received, before July 1, 2015, and (2) the Federal Family Education Loans (FFEL) of qualified borrowers as DLs. (FFELs were not disbursed after June 30, 2010.)

Refinances the FFELs as Federal Direct Stafford, Unsubsidized Stafford, PLUS, or Consolidated Loans depending on the categorization of the FFEL as a Stafford, Unsubsidized Stafford, PLUS, or Consolidated Loan.

Sets the interest rate on the refinanced loans at the rate on high-yield 10-year Treasury notes plus 1%.

Fixes the interest rate on such loans for the period of such loans.

Directs the Secretary to establish eligibility requirements based on a borrower's income or debt-to-income ratio that take into consideration providing access to refinancing for borrowers with the greatest financial need.

Imposes an administrative fee on the borrowers of such reissued loans that is based on the unpaid principal, and accrued unpaid interest and late charges, of their original loan.

Requires the Secretary to establish a program to refinance the unpaid principal, accrued unpaid interest, and late charges on private education loans as Federal Direct Refinanced Private Loans if the private education loans were first disbursed to qualified borrowers before July 1, 2015, and were for their own postsecondary educational expenses.

Sets the interest rate on Federal Direct Refinanced Private Loans at the rate on high-yield 10-year Treasury notes plus 1%.

Fixes the interest rate on such loans for the period of such loans.

Directs the Secretary to establish eligibility requirements based on a borrower's income or debt-to-income ratio that take into consideration providing access to refinancing for borrowers with the greatest financial need.

Requires qualified borrowers of such loans to undergo loan counseling before their private education loan is refinanced.

Imposes an origination fee on the borrowers of Federal Direct Refinanced Private Loans.

Amends the Internal Revenue Code to require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax). Establishes the amount of such tax as the excess (if any) of the tentative fair share tax over the excess of: (1) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over (2) certain tax credits. Provides for a phase-in of such tax. Requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2016.

Requires the Secretary to terminate this Act's refinancing programs when the net cost of carrying out the programs is equal to the Secretary's estimate of the amount of additional revenue generated during the 10-year period beginning on the date of this Act's enactment due to the fair share tax.

Revises federal bankruptcy law to limit the hardship exception to the exemption of educational debts from discharge in bankruptcy to: (1) an educational benefit overpayment or loan made, insured, or guaranteed by a governmental unit or made under any program funded in whole or in part by a governmental unit; or (2) an obligation to repay funds received from a governmental unit as an educational benefit, scholarship, or stipend.

]]> Fairness in Student Loan Lending Act Display Title Fairness in Student Loan Lending Act Official Title as Introduced To amend the Higher Education Act of 1965 to provide for the refinancing of certain Federal student loans, and for other purposes. Introduced in House IH Short Titles as Introduced Fairness in Student Loan Lending Act Introduced in House 2015-02-26T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr1131ih/xml/BILLS-114hr1131ih.xml 2015-04-29 Referred to the Subcommittee on Higher Education and Workforce Training. 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.