Affordable Loans for Any Student Act
Latest action · Apr 3, 2019 Referred to the Committee on Education and Labor, and in addition to the Committees on Ways and Means, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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 3, 2019
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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 annual and exit student loan counseling.
Cosponsors
Members who signed on, in the order they did.
Committees 3
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Education and Workforce Committee | Referred Apr 3, 2019 |
| House | Ways and Means Committee | Referred Apr 3, 2019 |
| House | Financial Services Committee | Referred Apr 3, 2019 |
Actions 2
Everything that happened, newest first.
- Apr 3, 2019Introduced in House
- Apr 3, 2019Referred to the Committee on Education and Labor, and in addition to the Committees on Ways and Means, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 165, no. 58, April 3, 2019, page H3069.
Related bills 6
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 640 | Student Aid Simplification Act | Related bill | Jan 17, 2019 |
| S 1002 | Affordable Loans for Any Student Act | Identical bill | Apr 3, 2019 |
| S 1489 | Joint Consolidation Loan Separation Act | Related bill | May 15, 2019 |
| S 1696 | Student Loan Tax Elimination Act | Related bill | Jun 3, 2019 |
| HR 2728 | Joint Consolidation Loan Separation Act | Related bill | May 14, 2019 |
| HR 3674 | Eliminating the Hidden Student Loan Tax Act | Related bill | Jul 10, 2019 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- 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.
- Short Title(s) as Introduced
- Affordable Loans for Any Student Act
Subjects
Assigned by the Library of Congress. Policy area: Education.
- Administrative law and regulatory procedures
- Congressional oversight
- Debt collection
- Education
- Financial literacy
- Government information and archives
- Government lending and loan guarantees
- Government studies and investigations
- Higher education
- Interest, dividends, interest rates
- Internet and video services
- Internet, web applications, social media
- Marriage and family status
- Public contracts and procurement
- Student aid and college costs
- Tax administration and collection, taxpayers
- User charges and fees
- Wages and earnings
Text 1
Each version as it was printed, newest first.
- Apr 3, 2019Introduced in House
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.
