H.R.6510 - Student Loan Prepayment Standardization Act

To require holders of Federal student loans and private education loans to apply prepayment amounts toward loans with the highest rates of interest. view all titles (2)

All Bill Titles

  • Official: To require holders of Federal student loans and private education loans to apply prepayment amounts toward loans with the highest rates of interest. as introduced.
  • Short: Student Loan Prepayment Standardization Act as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
09/21/12
 
 
 
 
 
 
 

Official Summary

Student Loan Prepayment Standardization Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require that when the holder of a borrower's private education loans or loans made under the Federal Family Education Loan (FFEL) or Direct Loan (DL) programs recei

Official Summary

Student Loan Prepayment Standardization Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require that when the holder of a borrower's private education loans or loans made under the Federal Family Education Loan (FFEL) or Direct Loan (DL) programs receives a prepayment for such loans, it is to be applied first toward any fees due on such loans and then, unless the borrower requests otherwise, toward the interest and principal due on the loan with the highest interest rate. Makes that requirement inapplicable to income-based repayment plans for FFELs or DLs.

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