Fairness in Student Loan Repayment Act

Fairness in Student Loan Repayment Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require the Secretary of Education to make available to borrowers of Federal Family Education Loans (FFELs) the following loan repayment options and benefits that are made available to borrowers of William D. Ford Federal Direct Loans (DLs):

• standard repayment plans, graduated repayment plans, extended repayment plans, income contingent repayment plans, income-based repayment plans, or alternative repayment plans that the Secretary deems appropriate;
• the loan deferments that are made available to certain borrowers who are still in school, unemployed, performing specified military service, or facing an economic hardship;
• payments of interest on behalf of military personnel;
• the repayment plan for public service employees; and
• the non-accrual of interest on the loans of active duty military personnel.

Directs the Secretary to pay to FFEL holders the principal, interest, or special allowance payments needed to apply these options and benefits to FFEL borrowers.