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ERASER Act

12/15/2023, 4:07 PM

Summary of Bill S 1419

The ERASER Act, also known as Bill 118 s 1419, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to address the issue of student loan debt and provide relief to borrowers who are struggling to repay their loans.

One of the key provisions of the ERASER Act is the establishment of a loan forgiveness program for borrowers who have made consistent payments on their loans for a certain period of time. This program would allow eligible borrowers to have a portion of their remaining loan balance forgiven, providing them with much-needed financial relief.

Additionally, the ERASER Act aims to simplify the process of applying for and managing student loans. The bill includes provisions to streamline the application process for federal student aid, as well as measures to improve transparency and accountability in the student loan industry. Overall, the ERASER Act is designed to help alleviate the burden of student loan debt for millions of Americans and make higher education more accessible and affordable. It is currently being debated in Congress, and its fate will ultimately be decided by lawmakers in the coming months.

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Current Status of Bill S 1419

Bill S 1419 is currently in the status of Bill Introduced since May 3, 2023. Bill S 1419 was introduced during Congress 118 and was introduced to the Senate on May 3, 2023.  Bill S 1419's most recent activity was Read twice and referred to the Committee on Homeland Security and Governmental Affairs. (text: CR S1507) as of May 3, 2023

Bipartisan Support of Bill S 1419

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
8
Democrat Cosponsors
0
Republican Cosponsors
8
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 1419

Primary Policy Focus

Government Operations and Politics

Alternate Title(s) of Bill S 1419

ERASER Act
ERASER Act
Expediting Reform And Stopping Excess Regulations Act
A bill to require each agency to repeal 3 existing regulations before issuing a new regulation, and for other purposes.

Comments

Sponsors and Cosponsors of S 1419

Eric Schmitt
Eric Schmitt
MissouriRepublican
Rick Scott
Rick Scott
FloridaRepublican
Josh Hawley
Josh Hawley
MissouriRepublican
Katie Boyd Britt
Katie Boyd Britt
AlabamaRepublican
Mike Braun
Mike Braun
IndianaRepublican

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