118th Congress Education
H.R. 4144: FAIR Act
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill makes various changes to the federal student loan system, including by establishing a new income-driven repayment plan and limiting the authority of the Department of Education (ED) to propose or issue regulations and executive actions related to federal student aid programs.
The bill directs ED to provide at least 12 notices to each borrower of a federal student loan indicating (1) the date on which the borrower is required to make monthly loan payments; (2) the borrower's options for repayment; and (3) the options available to a borrower who is in default, including the option to consolidate or rehabilitate loans. ED must also conduct additional outreach to at-risk borrowers.
Additionally, the bill replaces existing federal student loan repayment plans with one standard 10-year repayment plan and one income-driven repayment plan. The bill outlines the terms of this new income-driven repayment plan.
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The bill provides deferment options for borrowers with loans made on or after July 1, 2024. The bill prohibits ED from authorizing additional deferment options or periods of deferment other than those authorized by this bill.
The bill allows borrowers to rehabilitate a defaulted loan twice (currently, only once).
The bill also prohibits ED from issuing a proposed rule, final regulation, or executive action related to federal student aid programs if ED determines that the rule, regulation, or action (1) is economically significant, and (2) would result in an increase in a subsidy cost.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Virginia Foxx R-NCOriginal
- Lisa McClain R-MIOriginal
- Brandon Williams R-NY
- Don Bacon R-NE
- Glenn Grothman R-WI
- Aaron Bean R-FL
- Cory Mills R-FL
- Michael Burgess R-TX
- Nicholas Langworthy R-NY
- Rudy Yakym R-IN
- Erin Houchin R-IN
- Anthony D'Esposito R-NY
Who scored on this bill
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Other bills by Clarence Owens
History
- Introduced in the House by Clarence Owens.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Education and the Workforce.