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Overview: H.R.1330 вЂ” 113th Congress (2013-2014) All Information (Except Text)
There was one summary for H.R.1330. Bill summaries are authored by CRS.
Shown Right Right Right Right Here: Introduced in Home (03/21/2013)
Education loan Fairness Act - Amends name IV (Student Assistance) of this advanced schooling Act of 1965 (HEA) to ascertain a 10/10 Loan Repayment Arrange which allows borrowers of Federal Family Education Loans (FFELs) and Direct Loans (DLs) to restrict their payment on such loans to one-twelfth of 10% associated with amount in which their modified gross earnings and therefore of the partner (if relevant) surpasses 150% regarding the federal poverty degree.
Establishes a 10/10 Loan Forgiveness Program providing you with FFEL and DL forgiveness to borrowers whom, after the date that is a decade prior to the date of the Act's enactment, are making 120 payments that are monthly the 10/10 Loan Repayment Plan or under another payment plan that needed them which will make re re payments at the very lesincet as big as those they might are making underneath the payday loans Ohio 10/10 Loan Repayment Plan.
Credits the months during which a person is with in deferment as a result of a hardship that is economic months which is why re re payment had been created for purposes regarding the 10/10 Loan Forgiveness Program.
Caps the total amount of loan forgiveness that the system provides to people who become brand new borrowers following the date with this Act's enactment.
Caps the interest on brand brand brand new DLs at 3.4per cent.