US Congress House Bill 4236 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Democrat 4-1)
Status: Introduced on March 13 2014 - 25% progression, died in committee
Action: 2014-03-13 - Referred to House Financial Services
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Student Loan Fair Prepayment Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require that when the holder of a borrower's loans under the Federal Family Education Loan (FFEL) or William D. Ford Federal Direct Loan (DL) programs receives a prepayment for such loans, it is to be applied first toward any fees due on such loans and then, unless the borrower requests otherwise, toward the principal due on the loan that bears the highest interest rate. Makes that requirement inapplicable to income-based or income contingent repayment plans for FFELs or DLs. Requires an institution of higher education holding a borrower's loans under the Federal Perkins Loan program to first apply any excess payments by the borrower toward any fees due on such loans and then, unless the borrower requests otherwise, toward the principal due on the loan that bears the highest interest rate. Amends the Truth in Lending Act to require a private education loan holder that holds more than one private education loan for a borrower to apply any prepayments on those loans first toward any fees due on such loans and then, unless the borrower requests otherwise, toward the principal due on the loan that bears the highest interest rate.

Student Loan Fair Prepayment Act

Rep. Susan Davis [D-CA]	Rep. Theodore Deutch [D-FL]	Rep. Walter Jones [R-NC]	Rep. Ed Perlmutter [D-CO]
Rep. Scott Peters [D-CA]

Date	Chamber	Action
2014-03-13	House	Referred to House Financial Services
2014-03-13	House	Referred to House Education and the Workforce
2014-03-13	House	Referred to the Committee on Education and the Workforce, and in addition to the Committee on 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.

Type	Source
Summary	https://www.congress.gov/bill/113th-congress/house-bill/4236/all-info
Text	https://www.congress.gov/113/bills/hr4236/BILLS-113hr4236ih.pdf