Section 1 Short title
This Act may be cited as the “Fairness in Student Loan Repayment Act”.
Fairness in Student Loan Repayment Act
A BILL
To provide borrowers of Federal Family Education Loans with the repayment terms available to borrowers of Federal Direct Loans, and for other purposes.
Sec. 2 Repayment terms for Federal Family Education Loans
In general— Section 455 of the Higher Education Act of 1965 (20 U.S.C. 1087e) is amended by adding at the end the following new subsection:
“(r) Repayment terms for Federal Family Education Loans
“(1) Applicability of programs available under this section—The Secretary shall apply subsections (d), (e), (f), (l), (m), and (o) to all loans made under part B as if such loans were made under this part.
“(2) Payment of balance and interest—In carrying out paragraph (1), the Secretary shall pay to the holder of a loan made under part B the amount of principal, interest, or special allowance payments necessary to apply subsections (d), (e), (f), (l), (m), and (o) to such loan, as appropriate.”
Consolidation loans— Section 428C(a)(3)(B)(i) of the Higher Education Act of 1965 (20 U.S.C. 1087–3(a)(3)(B)(i)) is amended—
in subclause (III), by striking the semicolon and inserting “; and”;
in subclause (IV), by striking “; and” and inserting a period; and
by striking subclause (V).