US Congress House Bill 3786 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 7-0)
Status: Introduced on October 21 2015 - 25% progression, died in committee
Action: 2016-03-23 - Referred to the Subcommittee on Higher Education and Workforce Training.
Pending: House Subcommittee on Higher Education and Workforce Training Committee
Text: Latest bill text (Introduced) [PDF]

Student Loan Fair Prepayment Act This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to require a student loan borrower's prepayment amount on a Federal Family Education Loan, Federal Direct Loan, or Federal Perkins Loan to be applied first toward outstanding fees and then, unless a borrower requests otherwise, in the following order: (1) toward the principle due on the loan with the highest interest rate, if multiple loans have different interest rates; and (2) toward the principle due on the loan with the highest balance, if multiple loans have the same interest rate. Additionally, it amends the Truth in Lending Act to require a borrower's prepayment amount on a private education loan to be applied first toward outstanding fees and then, unless a borrower requests otherwise, in the following order: (1) toward the principle due on the loan with the highest interest rate, if multiple loans have different interest rates; and (2) toward the principle due on the loan with the highest balance, if multiple loans have the same interest rate.

Student Loan Fair Prepayment Act

Rep. Susan Davis [D-CA]	Rep. Scott Peters [D-CA]	Rep. Mark Takano [D-CA]	Rep. Sam Farr [D-CA]
Rep. Alcee Hastings [D-FL]	Rep. John Garamendi [D-CA]	Rep. Frederica Wilson [D-FL]

Date	Chamber	Action
2016-03-23	House	Referred to the Subcommittee on Higher Education and Workforce Training.
2015-10-21	House	Referred to House Financial Services
2015-10-21	House	Referred to House Education and the Workforce
2015-10-21	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.
2015-10-21	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/3786/all-info
Text	https://www.congress.gov/114/bills/hr3786/BILLS-114hr3786ih.pdf