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H.R. 5487: Student Loan Fairness Act

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H.R. 5487: Student Loan Fairness Act

114th Congress · introduced 2016-06-15 · Education · Latest: Referred to the Subcommittee on Higher Education and Workforce Training.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2016-06-15 · official record
  2. Who proposed it: Rep. Bass, Karen [D-CA-37] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Referred to the Subcommittee on Higher Education and Workforce Training. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Student Loan Fairness Act

Plain summary

Student Loan Fairness Act This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 (HEA) to establish a 10/10 Loan Repayment Plan that allows borrowers of Federal Family Education Loans (FFELs) and Direct Loans (DLs) to limit their monthly payments on such loans to one-twelfth of 10% of the amount by which their adjusted gross incomes and that of their spouses (if applicable) exceed 150% of the federal poverty level. Additionally, it establishes a 10/10 Loan Forgiveness Program that provides FFEL and DL forgiveness to borrowers who, after the date that is 10 years before this bill's enactment, have made 120 monthly payments under the 10/10 Loan Repayment Plan or under another repayment plan that required them to make payments at least as large as those they would have made under the 10/10 Loan Repayment Plan. It credits the months during which an individual is in deferment due to an economic hardship as months for which payment was made for purposes of the 10/10 Loan Forgiveness Program. The bill caps the amount of loan forgiveness that the program will provide to individuals who become new borrowers after this bill's enactment. It caps the interest rate on new DLs at 3.4%. It amends the public service employee loan forgiveness program to forgive the DLs of participants who have made 60 (currently, 120) monthly payments on such loans pursuant to specified repayment plans. The bill includes primary care physicians in medically underserved areas in the public service employee loan forgiveness program. Certain borrowers may consolidate their private education loans as Direct Consolidation Loans, provided the private loans were made on or before this bill's enactment. The bill limits such borrowers to those who: (1) were students eligible for unsubsidized Stafford loans or PLUS loans under the FFEL or DL programs for their enrollment at an institution of higher education, or would have been had they been enrolled on at least a half-time basis; (2) borrowed at least one private education loan for such enrollment; and (3) have an average adjusted gross income that does not exceed their total education debt. It caps the interest rate on those Direct Consolidation Loans at 3.4%. Borrowers must apply for such loans within one year of this bill's enactment. It amends the Truth in Lending Act to direct the Consumer Financial Protection Bureau to issue regulations that require private education lenders to sell private education loans to the Department of Education (ED) for consolidation as Direct Consolidation Loans. It sets forth the data to be used in determining the price paid for such loans. ED must pay the interest that accrues on unsubsidized FFELs and DLs that are deferred due to a student borrower's lack of full-time employment. ED must pay the interest that accrues on Federal Consolidation Loans that are in deferment due to a borrower's lack of full-time employment, provided the application for such a loan is received on or after this bill's enactment. ED must pay the interest that accrues on FFELs and DLs that are subject to income-based repayment provisions and are in deferment due to a borrower's lack of full-time employment. The bill limits these interest-free deferment periods to those occurring on or after this bill's enactment and covering no more than three years of full-time unemployment. It excludes from a borrower's gross income for income tax purposes the principal and interest on FFELs and DLs that is forgiven pursuant to income-based repayment plans.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Student Loan Fairness Act

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Bass, Karen [D-CA-37] · 0 cosponsors

Cost estimate: No cost estimate published yet.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Rulemaking
The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong114-hr5487 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114