3.0.0 1292 2022-02-08T23:21:43Z 2022-02-08T23:21:43Z Senate S 2019-05-02 116 sshr00 Health, Education, Labor, and Pensions Committee Senate Standing Referred to 2019-05-02T16:56:24Z LOAN Act of 2019 116 4603 HR 2019-10-04 Referred to the Committee on Education and Labor, 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. Identical bill CRS 2019-05-02 sshr00 Health, Education, Labor, and Pensions Committee Senate Read twice and referred to the Committee on Health, Education, Labor, and Pensions. IntroReferral 2019-05-02 Introduced in Senate IntroReferral 10000 9 Library of Congress R000595 Sen. Rubio, Marco [R-FL] Marco Rubio R FL N Education Administrative law and regulatory procedures Administrative remedies Department of Education Higher education Interest, dividends, interest rates Student aid and college costs Tax administration and collection, taxpayers User charges and fees Wages and earnings Education 00 2019-05-02 Introduced in Senate 2021-01-26T20:47:25Z Leveraging Opportunities for Americans Now Act of 2019 or the LOAN Act of 2019

This bill revises interest rates and repayment plans for federal student loans.

Specifically, the bill directs the Department of Education (ED) to set the interest rate on federal student loans made on or after July 1, 2021, at 0% and replace the interest with a one-time financing fee.

The bill permits ED to credit or refund borrowers who pay the balance of their loan earlier than required by their repayment plan with the amount of the financing fee.

The bill establishes an income-dependent education assistance repayment plan as the default repayment plan for federal student loans. A borrower may select either this new plan or a 10-year fixed repayment plan.

ED must calculate annual repayment amounts and provide annual statements to borrowers.

The Department of the Treasury must transmit tax information to ED as necessary to determine a borrower's repayment obligations and financing fee adjustments.

]]> LOAN Act of 2019 Display Title LOAN Act of 2019 Short Title(s) as Introduced LOAN Act of 2019 Introduced in Senate IS Short Title(s) as Introduced Leveraging Opportunities for Americans Now Act of 2019 Introduced in Senate IS Official Title as Introduced A bill to amend the Higher Education Act of 1965 to provide for Federal student loan reform. Introduced in Senate IS Introduced in Senate 2019-05-02T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s1292is/xml/BILLS-116s1292is.xml 2019-05-02 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.