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Affordable Loans for Any Student Act

12/29/2022, 10:48 PM

Congressional Summary of S 3953

Affordable Loans for Any Student Act

This bill addresses repayment options, loan disclosures, and loan counseling for student loans.

The bill revises requirements concerning repayment options for student loan borrowers. For instance, the bill terminates interest capitalization and origination fees for Federal Direct Loans, provides assistance to low-income borrowers or borrowers who are delinquent on loan payments, and replaces the existing income-based repayment plans with two new plans. Under the new plans, borrowers may choose (1) a fixed repayment plan with equal monthly payments paid over a period of 10 years, or (2) an income-based repayment plan with monthly payments equal to 10% percent of their income above the poverty level. The income-based plan is capped at 20 years of payments.

The bill also revises requirements concerning student loan disclosures and student loan counseling for borrowers. For instance, the bill requires the Department of Education to maintain online counseling tools that provide borrowers with entrance and exit student loan counseling.

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Current Status of Bill S 3953

Bill S 3953 is currently in the status of Bill Introduced since March 30, 2022. Bill S 3953 was introduced during Congress 117 and was introduced to the Senate on March 30, 2022.  Bill S 3953's most recent activity was Read twice and referred to the Committee on Health, Education, Labor, and Pensions. as of March 30, 2022

Bipartisan Support of Bill S 3953

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
9
Democrat Cosponsors
9
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 3953

Primary Policy Focus

Education

Alternate Title(s) of Bill S 3953

Affordable Loans for Any Student Act
Affordable Loans for Any Student Act
A bill to amend the Higher Education Act of 1965 in order to increase usage of the Federal student loan income-based repayment plan and improve repayment options for borrowers, and for other purposes.

Comments

Sponsors and Cosponsors of S 3953

Jeff Merkley
Jeff Merkley
OregonDemocrat
Ron Wyden
Ron Wyden
OregonDemocrat
Chris Van Hollen
Chris Van Hollen
MarylandDemocrat
Brian Schatz
Brian Schatz
HawaiiDemocrat
Margaret Wood Hassan
Margaret Wood Hassan
New HampshireDemocrat
Catherine Cortez Masto
Catherine Cortez Masto
NevadaDemocrat

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