Student Loan Bill Tracker

Highest Impact Bills Right Now:

• H.R. 4170 (Student Loan Forgiveness Act of 2012) - The silver bullet. Ditch Sallie Mae for the Fed if you were eligible for unsubsidized Stafford loans when you were in college, gain monthly payment protections, don't ruin your credit score, bring down payment caps to 10% disposable income and reduce forgiveness time to 10 years FOR ALL BORROWERS.
• S. 1068 (Private Student Loan Debt Swap Act of 2011) - Ditch Sallie Mae for the Fed, gain monthly payment protections, don't ruin your credit score.

Bills with the Most Press Right Now:

• H.R. 4170 (Student Loan Forgiveness Act of 2012) - The silver bullet. Ditch Sallie Mae for the Fed if you were eligible for unsubsidized Stafford loans when you were in college, gain monthly payment protections, don't ruin your credit score, bring down payment caps to 10% disposable income and reduce forgiveness time to 10 years FOR ALL BORROWERS.

Senate Bills

S. 1068 (Private Student Loan Debt Swap Act of 2011) - This is Senator Brown's (D-OH) bill. It's way better than the bankruptcy versions below since it wouldn't severely negatively affect our credit score. Formerly S. 1541 (Private Student Loan Debt Swap Act of 2009) which got stuck in Senate Committee on Health, Education, Labor, and Pensions.
Status: 5/25/2011 - Referred to Senate Committee on Health, Education, Labor, and Pensions.

S. 2733 (Private Education Loan Ombudsman Act) - This is Senator Brown's (D-OH) bill. It's a good step towards holding Sallie Mae's despicable practices accountable.
Status: 11/5/2009 - Stuck in Senate Committee on Health, Education, Labor, and Pensions.

S. 3281 (Forgiveness and Repayment Assistance Act of 2010) - Lowers payment amounts from 10% to 7% for the Federal Direct income-based repayment plans and lowers forgiveness from 20 years to 15 years for 2014+ students only.
Status: 4/29/2010 - Stuck in Senate Committee on Health, Education, Labor, and Pensions.

S. 1102 (Private Student Loan Bankruptcy Fairness Act of 2011) - Only in 2005, one year after Sallie Mae became 100% private, did private student loans suddenly get protected from consumer bankruptcy laws. This is not the best solution since it would encourage people to borrow during college and then declare bankruptcy upon graduation, but it would be better than not acting on the problem. Fomerly S. 3219 (Private Student Loan Bankruptcy Fairness Act of 2010) which got stuck in the Senate Committee on the Judiciary.
Status: 5/26/2011 - Referred to Senate Committee on the Judiciary.

House Bills

H.R. 4170 (Student Loan Forgiveness Act of 2012) - The "10/10" plan. Repayment capped at 10% disposable income, remainder forgiven after 10 years. New borrowers after bill passed will only be able to have first $45,520 forgiven to prevent "moral hazard." Old borrowers are safe. Reduces public service forgiveness to 5 years. 3.4% cap on all new Fed loans including the private loans you can now consolidate with the Fed.
Status: 5/26/2011 - Referred to House Committee on Education and the Workforce.

H.R. 2028 (Private Student Loan Bankruptcy Fairness Act of 2011) - House version of S. 1102. Formerly H.R. 5043 (Private Student Loan Bankruptcy Fairness Act of 2010) which passed Commercial and Administrative Law subcommittee but got stuck in House Judiciary committee.
Status: 5/26/2011 - Referred to House Committee on the Judiciary.

H.R. 5055 (College Debt Swap Act of 2010) - House version of Brown's S. 1541. The "adverse credit history" clause is worrying. If we can't pay the private student loans now, hence the reason for this bill, we're going to have adverse credit history.
Status: 4/30/2010 - In process. Currently in House Subcommittee on Higher Education, Lifelong Learning, and Competitiveness.

H.R. 3149 (Equal Employment for All Act) - Safeguards student loan debtors by preventing employers from making decisions based on credit scores.
Status: 9/23/2010 - Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.

H.R. 4834 (Student Debt Reduction Act) - Extends 2014+ repayment terms and repayment amounts to all Federal Direct customers.
Status: 4/30/2010 - In process. Currently in House Subcommittee on Higher Education, Lifelong Learning, and Competitiveness.

H.R. 5078 (Higher Education Affordability and Equity Act of 2010) - Makes all educational expenses, including interest on student loans, tax deductible with no caps on amounts.
Status: 4/20/2010 - Stuck in House Committee on Ways and Means.

H.R. 4574 (Student Loan Interest Full Deductibility Act) - More limited version of above.
Status: 2/2/2010 - Stuck in House Committee on Ways and Means.

H.R. 5458 (Christopher Bryski Student Loan Protection Act) - Increase transparency and disclosure requirements for private loans, and provide for relief if the borrower died. Does not help monthly payments.
Status: 9/29/2010 - Passed to Senate. Stuck there in Senate Committee on Health, Education, Labor, and Pensions.