Student Loan Forgiveness and Repayment Assistance Act of 2010
Latest action · Apr 29, 2010 Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedApr 29, 2010
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Student Loan Forgiveness and Repayment Assistance Act of 2010 - Amends the Higher Education Act of 1965 to lower the cap on annual, income-based student loan repayments for new borrowers of Direct Loans after July 1, 2014, from 10% to 7% of the amount by which a borrower's and the borrower's spouse's adjusted gross income exceeds 150% of the poverty line.
Requires the Secretary of Education to forgive the remaining balance of such loans after 15 (currently, 20) years of repayment.
Cancels a public service employee's obligation to repay 5% of the balance of his or her principal and interest on a Direct Loan after 60 monthly payments, 72 monthly payments, 84 monthly payments, 96 monthly payments, and 108 monthly payments as such employee. Requires the Secretary to cancel all of their remaining balance after 120 monthly payments.
Amends the Public Health Service Act to set the interest rate on student loans under the Health Professions Education program and the Nursing Workforce Development program at 3.5%.
Directs the Secretary to establish a pilot program awarding competitive grants to historically Black colleges and universities and other minority-serving institutions to enable them, without increasing student costs, to increase their: (1) capacity for degree-granting, certificate-granting, adult education, and noncredit programs; (2) student graduation rates.
Amends the Department of Education Organization Act to establish an Assistant Secretary for the Evaluation and Promotion of Accessibility and Affordability in Higher Education in the Department of Education, who shall report quarterly to Congress regarding trends in, and means of increasing, the accessibility and affordability of higher education.
Cosponsors
Members who signed on, in the order they did.
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Health, Education, Labor, and Pensions Committee | Referred Apr 29, 2010 |
Actions 3
Everything that happened, newest first.
- Apr 29, 2010Introduced in Senate
- Apr 29, 2010Sponsor introductory remarks on measure. (CR S2805)
- Apr 29, 2010Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S2805 | Arlen Specter D-PA | Apr 29, 2010 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to expand student loan forgiveness, to provide loan repayment assistance, and for other purposes.
- Short Titles as Introduced
- Student Loan Forgiveness and Repayment Assistance Act of 2010
Subjects
Assigned by the Library of Congress. Policy area: Education.
- Adult education and literacy
- Department of Education
- Education
- Education of the disadvantaged
- Education programs funding
- Executive agency funding and structure
- Government employee pay, benefits, personnel management
- Higher education
- Interest, dividends, interest rates
- Medical education
- Minority education
- Nursing
- Student aid and college costs
Text 1
Each version as it was printed, newest first.
- Apr 29, 2010Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
