Student Loan Repayment Freedom Act

Senate Bill 3055 - Student Loan Repayment Freedom Act: Overview, Status, and Impact

Hozzl · 2022-10-28T01:45:56Z

Explore the details of Senate Bill 3055 Student Loan Repayment Freedom Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Education. Stay informed on legislative developments.

10/28/2022, 1:45 AM

Congressional Summary of S 3055

Student Loan Repayment Freedom Act

This bill authorizes a federal student loan borrower to terminate repayment under an income-based repayment plan and instead elect to repay such loan under any other repayment plan for which they are eligible.

Currently, a federal student loan borrower repaying under an income-based repayment plan may only change to the standard repayment plan.

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Current Status of Bill S 3055

Bill S 3055 is currently in the status of Bill Introduced since December 16, 2019. Bill S 3055 was introduced during Congress 116 and was introduced to the Senate on December 16, 2019. Bill S 3055's most recent activity was Read twice and referred to the Committee on Health, Education, Labor, and Pensions. as of December 16, 2019

Bipartisan Support of Bill S 3055

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3055

Primary Policy Focus

Education

Potential Impact Areas

- Government lending and loan guarantees

- Higher education

- Student aid and college costs

- Wages and earnings

Alternate Title(s) of Bill S 3055

Student Loan Repayment Freedom Act

A bill to amend the Higher Education Act of 1965 to permit a Federal student loan borrower to elect to terminate repayment pursuant to income-based repayment and repay such loan under any other repayment plan for which the borrower is otherwise eligible.