United States 113th Congress Status: Died 1 I cosponsors

S 2812 — Repay Act of 2014

Last action — Read twice and referred to the Committee on Finance.

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

This bill died with 113th 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This bill is no longer active — its legislative session has ended, so there is no live prognosis.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

Repay Act of 2014 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Secretary of Education to carry out a simplified income-driven repayment program for students who become new borrowers of William D. Ford Federal Direct Loans (DLs) on or after July 1, 2015. Sets a student's annual repayment obligation under the program at: 10% of the borrower's discretionary income (gross income that exceeds 150% of the federal poverty level) that is less than $25,000, adjusted for inflation; plus 15% of the borrower's discretionary income that is equal to or greater than $25,000, adjusted for inflation. Directs the Secretary to cancel the outstanding balance on a DL under the repayment program if the borrower: for 20 years made monthly payments under the program or was in deferment due to economic hardship and had a DL principal balance at the outset of the repayment period that did not exceed a specified amount; or for 25 years made monthly payments under the program or was in deferment due to economic hardship and had a DL principal balance at the outset of the repayment period that exceeded a specified amount. Requires the Secretary to offer borrowers of DLs made on or after July 1, 2015, the following repayment plans: (1) a fixed repayment plan (currently referred to as a standard repayment plan), or (2) a simplified income-driven repayment plan, but this plan is only available to student borrowers. Authorizes the Secretary to provide an alternative repayment plan to a borrower of a DL made on or after July 1, 2015, if the borrower demonstrates that these repayment options do not accommodate the borrower's exceptional circumstances. Continues to allow borrowers of DLs to accelerate, without penalty, their repayment of such loans. Makes public service employees who make 120 monthly payments on their DL under a simplified income-driven repayment plan eligible for the public service employee loan forgiveness program. Amends the Internal Revenue Code to exclude from gross income debt the Secretary discharges on a borrower's subsidized Federal Family Education Loan (FFEL) due to the borrower's death or disability. Directs the Secretary to require servicers of FFELs and DLs to: (1) provide borrowers with information regarding their loan repayment options, and (2) offer to enroll borrowers in alternative plans for which they are eligible.

Bill Text

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Read S 2812 on the official United States source →

Action History

  1. Read twice and referred to the Committee on Finance.

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.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation education
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does S 2812 do?
Repay Act of 2014 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Secretary of Education to carry out a simplified income-driven repayment program for students who become new borrowers of William D. Ford Federal Direct Loans (DLs) on or after July 1, 2015. Sets a student's annual repayment obligation under the program at: 10% of the borrower's discretionary income (gross income that exceeds 150% of the federal poverty level) that is less than $25,000, adjusted for inflation; plus 15% of the borrower's discretionary income that is equal to or greater than $25,000, adjusted for inflation. Directs the Secretary to cancel the outstanding balance on a DL under the repayment program if the borrower: for 20 years made monthly payments under the program or was in deferment due to economic hardship and had a DL principal balance at the outset of the repayment period that did not exceed a specified amount; or for 25 years made monthly payments under the program or was in deferment due to economic hardship and had a DL principal balance at the outset of the repayment period that exceeded a specified amount. Requires the Secretary to offer borrowers of DLs made on or after July 1, 2015, the following repayment plans: (1) a fixed repayment plan (currently referred to as a standard repayment plan), or (2) a simplified income-driven repayment plan, but this plan is only available to student borrowers. Authorizes the Secretary to provide an alternative repayment plan to a borrower of a DL made on or after July 1, 2015, if the borrower demonstrates that these repayment options do not accommodate the borrower's exceptional circumstances. Continues to allow borrowers of DLs to accelerate, without penalty, their repayment of such loans. Makes public service employees who make 120 monthly payments on their DL under a simplified income-driven repayment plan eligible for the public service employee loan forgiveness program. Amends the Internal Revenue Code to exclude from gross income debt the Secretary discharges on a borrower's subsidized Federal Family Education Loan (FFEL) due to the borrower's death or disability. Directs the Secretary to require servicers of FFELs and DLs to: (1) provide borrowers with information regarding their loan repayment options, and (2) offer to enroll borrowers in alternative plans for which they are eligible.
Who sponsors S 2812?
S 2812 is sponsored by Angus King (I).
What is the current status of S 2812?
This bill died with 113th 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 S 2812?
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