United States 112th Congress Status: Died 1 D cosponsors

HR 2732 — Student Loan Simplification and Opportunity Act of 2011

Last action — Referred to the Subcommittee on Higher Education and Workforce Training.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 112th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Student Loan Simplification and Opportunity Act of 2011 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to repeal the Secretary of Education's authority, under the Direct Loan (DL) program, to purchase or enter into forward commitments to purchase: (1) Federal Family Education Loans (FFELs) from lenders, upon the determination that there is an inadequate availability of loan capital to meet the demand for such loans; and (2) rehabilitated loans that eligible lenders purchased under the FFEL default reduction program. (Currently, the Secretary's authority to purchase or enter into forward commitments to purchase such loans is set to expire in July 2010, as is the FFEL program.) Authorizes the Secretary to offer borrowers FFEL Debt Conversion Loans, until October 2012, that cover FFELs that have not been purchased under the program this Act repeals, provided such borrowers: (1) are not in default or delinquent for 270 days or more on such loans, and (2) have an outstanding DL or an outstanding FFEL that was purchased pursuant to the program this Act repeals. (FFEL Debt Conversion Loans pay the holder of the FFEL the outstanding principal and interest on the loan, which the borrower is then obligated to repay to the Secretary under the terms of the converted FFEL.) Authorizes the Secretary to offer benefits to borrowers of FFEL Debt Conversion Loans in an amount up to 2% of the amount advanced on the FFEL Debt Conversion Loan. Requires federal proceeds from this Act's temporary authorization of FFEL Debt Conversion Loans to be used for the Pell grant program.

Bill Text

We don't have the full text on file for this bill yet.

Read HR 2732 on the official United States source →

Action History

  1. Referred to the Subcommittee on Higher Education and Workforce Training.

  2. Referred to the House Committee on Education and the Workforce.

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Subjects

education
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Frequently asked questions

What does HR 2732 do?
Student Loan Simplification and Opportunity Act of 2011 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to repeal the Secretary of Education's authority, under the Direct Loan (DL) program, to purchase or enter into forward commitments to purchase: (1) Federal Family Education Loans (FFELs) from lenders, upon the determination that there is an inadequate availability of loan capital to meet the demand for such loans; and (2) rehabilitated loans that eligible lenders purchased under the FFEL default reduction program. (Currently, the Secretary's authority to purchase or enter into forward commitments to purchase such loans is set to expire in July 2010, as is the FFEL program.) Authorizes the Secretary to offer borrowers FFEL Debt Conversion Loans, until October 2012, that cover FFELs that have not been purchased under the program this Act repeals, provided such borrowers: (1) are not in default or delinquent for 270 days or more on such loans, and (2) have an outstanding DL or an outstanding FFEL that was purchased pursuant to the program this Act repeals. (FFEL Debt Conversion Loans pay the holder of the FFEL the outstanding principal and interest on the loan, which the borrower is then obligated to repay to the Secretary under the terms of the converted FFEL.) Authorizes the Secretary to offer benefits to borrowers of FFEL Debt Conversion Loans in an amount up to 2% of the amount advanced on the FFEL Debt Conversion Loan. Requires federal proceeds from this Act's temporary authorization of FFEL Debt Conversion Loans to be used for the Pell grant program.
Who sponsors HR 2732?
HR 2732 is sponsored by Timothy Bishop (Democrat).
What is the current status of HR 2732?
This bill died with 112th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 2732?
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