S. 85 - Repay Act of 2015
Sponsor: Angus King [I-MI]
Introduced: Jan 7, 2015
Would change the Direct Loan repayment plan to new student borrowers by offering them two different repayment options: a fixed 10-year plan (current standard) or a simplified income-driven repayment (SIDR) plan. The SIDR plan would be the difference between the borrower’s AGI (including spousal income) and 150% of the poverty line for the borrower’s family size. The annual repayment amount would be 10% of the portion of discretionary income that is less than $25,000, plus 15% of any remaining discretionary income. This $25,000 figure would be adjusted annually for inflation based on the Consumer Price Index.
For more information, click hereReturn to 529 News centerIntroduced: Jan 7, 2015
Would change the Direct Loan repayment plan to new student borrowers by offering them two different repayment options: a fixed 10-year plan (current standard) or a simplified income-driven repayment (SIDR) plan. The SIDR plan would be the difference between the borrower’s AGI (including spousal income) and 150% of the poverty line for the borrower’s family size. The annual repayment amount would be 10% of the portion of discretionary income that is less than $25,000, plus 15% of any remaining discretionary income. This $25,000 figure would be adjusted annually for inflation based on the Consumer Price Index.