Simplifying Student Loans Act
Summary
Simplifying Student Loans Act This bill phases out existing repayment plans for federal student loans and replaces them with one fixed repayment plan and one income-based repayment plan. The Department of Education must offer all borrowers a choice between the two new plans and allow borrowers of loans made prior to July 1, 2023, the option of continuing repayment under their original plan or electing to repay under one of the new plans. The bill also establishes a 1% interest rate on federal student loans made to borrowers on or after July 1, 2023.
Bill status
in committee
1 of 4 stages cleared
Introduction
Aug 2022
Committee Review
Floor Vote
President
Introduced Aug 9, 2022
Last action Aug 9, 2022
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Aug 9, 2022
Committee
Referred to the House Committee on Education and Labor.
lower
Aug 9, 2022
Introduced
Introduced in House
lower
1 primary · 2 co-sponsors
Sponsors
Role
Legislator
Party
State
District
P
Susan Wild
DDemocratic
Co
Cynthia Axne
DDemocratic
Co
Tom Malinowski
DDemocratic
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