Sponsor: Rep. Van Duyne [R-TX]
NASFAA Summary & Analysis: This bill would now include PLUS loans made to graduate students and parents in the calculation for an institution’s Cohort Default Rate (CDR) so that any default in these loans is now included in the calculation.
H.R.5084 – Education loan Refinancing Act
Sponsor: Rep. Turner [R-OH]
Cosponsors: 1 (1D; 0R)
NASFAA Summation & Analysis: After completing an application for refinancing for an eligible federal student loan, the borrower would be able to refinance their loan’s interest rate to the interest rate for current new borrowers at the same time of the application. The bill would also ensure that refinancing loans does not affect a borrower’s monthly payment count on IDR repayment plans and PSLF plans.
S.2596 – Mortgage Operate out of 2021
Sponsor: Sen. Rubio [R-FL]
NASFAA Realization & Analysis: This bill would eliminate interest and replace it with a one-time, non-compounding origination fee that borrowers will pay over the life of the loan.