3.0.0 3786 2023-01-11T13:29:38Z 2023-01-11T13:29:38Z House HR 2015-10-21 114 [Congressional Record Volume 161, Number 154 (Wednesday, October 21, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mrs. DAVIS of California:H.R. 3786.Congress has the power to enact this legislation pursuantto the following:Article 1 Section 8[Page H7089]]]> hsed00 Education and the Workforce Committee House Standing hsed13 Higher Education and Workforce Development Subcomittee Referred to 2016-03-23T21:07:46Z Referred to 2015-10-21T14:02:30Z hsba00 Financial Services Committee House Standing Referred to 2015-10-21T14:02:35Z 2016-03-23 hsed13 Higher Education and Workforce Development Subcomittee 1 House committee actions Referred to the Subcommittee on Higher Education and Workforce Training. Committee 2015-10-21 Referred to the Committee on Education and the Workforce, and in addition to the Committee on Financial Services, 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 hsba00 Financial Services Committee 2015-10-21 Referred to the Committee on Education and the Workforce, and in addition to the Committee on Financial Services, 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 2015-10-21 Referred to the Committee on Education and the Workforce, and in addition to the Committee on Financial Services, 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 2015-10-21 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-10-21 Introduced in House IntroReferral 1000 9 Library of Congress D000598 Rep. Davis, Susan A. [D-CA-53] SUSAN DAVIS D CA A. 53 N P000608 Rep. Peters, Scott H. [D-CA-52] Scott Peters D CA H. 52 2015-10-21 True T000472 Rep. Takano, Mark [D-CA-41] Mark Takano D CA 41 2015-10-26 False F000030 Rep. Farr, Sam [D-CA-20] SAM FARR D CA 20 2015-10-26 False H000324 Rep. Hastings, Alcee L. [D-FL-20] ALCEE HASTINGS D FL L. 20 2015-10-26 False G000559 Rep. Garamendi, John [D-CA-3] John Garamendi D CA 3 2015-10-28 False W000808 Rep. Wilson, Frederica S. [D-FL-24] Frederica Wilson D FL S. 24 2015-12-15 False Education Government lending and loan guarantees Higher education Interest, dividends, interest rates Student aid and college costs User charges and fees Education 00 2015-10-21 Introduced in House 2016-12-08T21:39:50Z Student Loan Fair Prepayment Act

This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to require a student loan borrower's prepayment amount on a Federal Family Education Loan, Federal Direct Loan, or Federal Perkins Loan to be applied first toward outstanding fees and then, unless a borrower requests otherwise, in the following order: (1) toward the principle due on the loan with the highest interest rate, if multiple loans have different interest rates; and (2) toward the principle due on the loan with the highest balance, if multiple loans have the same interest rate.

Additionally, it amends the Truth in Lending Act to require a borrower's prepayment amount on a private education loan to be applied first toward outstanding fees and then, unless a borrower requests otherwise, in the following order: (1) toward the principle due on the loan with the highest interest rate, if multiple loans have different interest rates; and (2) toward the principle due on the loan with the highest balance, if multiple loans have the same interest rate.

]]> Student Loan Fair Prepayment Act Display Title Student Loan Fair Prepayment Act Official Title as Introduced To amend the Higher Education Act of 1965 and the Truth in Lending Act to clarify the application of prepayment amounts on student loans. Introduced in House IH Short Titles as Introduced Student Loan Fair Prepayment Act Introduced in House 2015-10-21T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr3786ih/xml/BILLS-114hr3786ih.xml 2016-03-23 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.