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117-hr-8700117th Congress

Simplifying Student Loans Act

Sponsored By: Representative Wild, Susan [D-PA-7]

Unknown

Summary

Simplifying Student Loans Act This bill phases out existing repayment plans for federal student loans and replaces them with one fixed repayment plan and one income-based repayment plan. The Department of Education must offer all borrowers a choice between the two new plans and allow borrowers of loans made prior to July 1, 2023, the option of continuing repayment under their original plan or electing to repay under one of the new plans. The bill also establishes a 1% interest rate on federal student loans made to borrowers on or after July 1, 2023.

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Bill Overview

No Economic Impacts Identified for this Bill

Sponsors & CoSponsors

Sponsor

Wild, Susan [D-PA-7]

PA • D

Cosponsors

  • Rep. Axne, Cynthia [D-IA-3]

    IA • D

    Sponsored 9/6/2022

  • Rep. Malinowski, Tom [D-NJ-7]

    NJ • D

    Sponsored 9/13/2022

Roll Call Votes

No roll call votes available for this bill.

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