In this article, there are proposals to alter otherwise modify the processes by which students use and you may pay the financing
*NEW* S.3658 – Resident Degree Deferred Notice (REDI) Act
Recruit: Sen. Rosen [D-NV]
Cosponsors: 1 (0D; 1R)
NASFAA Conclusion & Analysis: This bill would allow borrowers in a medical or dental residency program to have the interest and payments on their student loans deferred.
*NEW* H.R.6749 – Clean Slate thanks to Cost Operate out-of 2022
Sponsor: Rep. Ross [D-NC]
Cosponsors: 11 (11D; 0R)
NASFAA Summation & Analysis: This bill would remove the record of default on a borrower’s credit history upon total repayment of the full amount due.
*NEW* H.R.6708 – Education loan Recovery Work
Sponsor: Rep. Gonzalez [D-TX]
NASFAA Summary & Analysis: This bill would require the Department of Education to forgive a maximum of $25,000 for Federal student loan borrowers. The forgiven amount would be tax free.
H.R.6466 – Education loan Treatment and you will Credit history Update Work of 2022
Sponsor: Rep. Williams [D-GA]
Cosponsors: 18 (18D; 0R)
NASFAA Conclusion & Analysis: This bill would not only require the removal of the record of default from a borrower’s credit history report once they have rehabilitated their loans, but would require the removal of all adverse credit history related to the loan’s initial defaulted status.
H.R.6424 – Large ED Act
Sponsor: Rep. DeFazio [D-OR]
NASFAA Summary & Analysis: This bill would reform the current federal loan program through a multitude of programs, including, reinstating federal subsidized loans to borrowers in graduate and professional programs and allowing borrowers to discharge their federal loans if they file for bankruptcy. The bill would also allow borrowers to refinance their federal and/or private student loans and include adjunct faculty in those eligible for public service loan forgiveness (PSLF). Read more