3.0.0 4256 2023-01-11T13:32:27Z 2023-01-11T13:32:27Z House HR 2015-12-15 114 [Congressional Record Volume 161, Number 182 (Tuesday, December 15, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. MURPHY of Florida:H.R. 4256.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 1 of the Constitution[Page H9328]]]> hsed00 Education and the Workforce Committee House Standing hsed13 Higher Education and Workforce Development Subcomittee Referred to 2016-03-23T21:14:29Z Referred to 2015-12-15T17:01:40Z hswm00 Ways and Means Committee House Standing Referred to 2015-12-15T17:01:45Z 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 2015-12-15 Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, 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 2015-12-15 Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, 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 2015-12-15 Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, 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 2015-12-15 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-12-15 Introduced in House IntroReferral 1000 9 Library of Congress M001191 Rep. Murphy, Patrick [D-FL-18] Patrick Murphy D FL 18 N Education Higher education Student aid and college costs Tax administration and collection, taxpayers Wages and earnings Education 00 2015-12-15 Introduced in House 2016-12-06T17:31:51Z Simple Income-Based Repayment Act

This bill amends the Higher Education Act of 1965 to replace several existing federal student loan programs for graduated, extended, income-contingent, and income-based repayment with a single repayment plan that caps annual debt repayments based on the borrower's income. Under the new program, loan payments are made automatically through voluntary wage withholding based on quarterly estimated payments.

The new income-based repayment program shall be available to both new and existing borrowers, excluding borrowers of specified federal loans made on behalf of a dependent student. Existing repayment plans other than standard repayment shall generally be unavailable to new borrowers, although the Department of Education (ED) may make graduated and extended plans available to new borrowers who demonstrate exceptional circumstances.

Under the program, an individual's income-based repayment obligation shall be limited to 10% of the excess of the individual's taxable income over a specified amount. In the case of a joint return of two married individuals who each have an eligible loan, the income-based repayment amount with respect to each spouse shall generally be determined by apportioning half of the total income to each spouse.

ED must provide an online tool to enable borrowers to make direct payments and access information regarding their loans.

In the event of underpayment, a borrower who does not request and receive a reduction must pay to ED an amount equal to the difference between the annual repayment amount and the sum of payments made for that taxable year. In the event of overpayment, ED shall either refund the overpayment amount to the borrower or apply the amount as prepayment to the borrower's loans.

Loan forgiveness is available after 240 qualifying payments are made under the program.

]]> Simple Income-Based Repayment Act Display Title Simple Income-Based Repayment Act Official Title as Introduced To simplify income-based repayment under the Federal student loan program, and for other purposes. Introduced in House IH Short Titles as Introduced Simple Income-Based Repayment Act Introduced in House 2015-12-15T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr4256ih/xml/BILLS-114hr4256ih.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.