H.R. 6510House112th Congress (2011-2013)In Committee

Student Loan Prepayment Standardization Act

Introduced September 21, 2012

Legislative Activity

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HouseIntro Referral Latest Action

Referred to the House Committee on Education and the Workforce.

September 21, 2012

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HouseIntro Referral

Introduced in House

September 21, 2012

HouseIntro Referral

Referred to the House Committee on Education and the Workforce.

September 21, 2012

Floor Debate

9 members

What members said about H.R. 6510 on the floor

4 Republicans5 Democrats
Sheila Jackson Lee
Rep. Sheila Jackson LeeD-TX-18 · Feb 6, 2012

Mr. Chairman, I have an amendment at the desk. Mr. Chairman, I yield myself such time as I may consume. As I understand this legislation, it is to establish a commission that deals with the civilian…

Eleanor Holmes Norton
Rep. Eleanor Holmes NortonD-DC · Feb 6, 2012

Mr. Chairman, I yield myself such time as I may consume. I rise in opposition to H.R. 1734, the Civilian Property Realignment Act. Both Democrats and Republicans agree that we need a system to…

Jeff Denham
Rep. Jeff DenhamR-CA-19 · Feb 6, 2012

Mr. Speaker, I ask unanimous consent that all Members may have 5 legislative days in which to revise and extend their remarks and include extraneous material on H.R. 1734. Mr. Chairman, I yield…

Gerald E. Connolly
Rep. Gerald E. ConnollyD-VA-11 · Feb 6, 2012

Mr. Chairman, I have an amendment at the desk. Mr. Chairman, I yield myself such time as I may consume. Both the Transportation and Infrastructure and the Oversight and Government Reform committees…

Bill Shuster
Rep. Bill ShusterR-PA-9 · Feb 6, 2012

I thank the gentleman from California for yielding. I do stand here as the former chairman of the Economic Development, Public Buildings and Emergency Management Subcommittee who served alongside the…

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Mario Diaz-Balart
Rep. Mario Diaz-BalartR-FL-21 · Feb 6, 2012

It was a privilege for 2 years to be the ranking member of this subcommittee, and I will tell you that this subcommittee has never been a partisan subcommittee, and I commend Chairman Denham for…

Russ Carnahan
Rep. Russ CarnahanD-MO-3 · Feb 6, 2012

Mr. Chairman, I have an amendment at the desk. Thank you, Mr. Chairman. I also want to add my voice to encouraging our chairman and ranking member to continue to work together to find that common…

Elijah E. Cummings
Rep. Elijah E. CummingsD-MD-7 · Feb 6, 2012

I thank the gentlelady for yielding to me, Mr. Speaker, and I rise in opposition to H.R. 1734, the Civilian Property Realignment Act. Although I support the efforts to improve the process used to…

Mike Kelly
Rep. Mike KellyR-PA-3 · Feb 6, 2012

I thank the gentleman from California. I do stand in strong support of the Civilian Property Realignment Act, and I'll tell you why. I come from the private sector where sometimes assets become…

Bill Text

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Introduced in HouseIssued September 21, 2012

I

112th CONGRESS

2d Session

H. R. 6510

IN THE HOUSE OF REPRESENTATIVES

September 21, 2012

Mr. Deutch (for himself, Ms. Castor of Florida, and Mr. Andrews) introduced the following bill; which was referred to the Committee on Education and the Workforce

A BILL

To require holders of Federal student loans and private education loans to apply prepayment amounts toward loans with the highest rates of interest.

1.

Short title

This Act may be cited as the Student Loan Prepayment Standardization Act.

2.

Application of prepayment amounts

Section 455(d) of the Higher Education Act of 1965 (20 U.S.C. 1087e(d)) is amended by adding at the end the following new paragraph:

(6)

Application of prepayment amounts

(A)

In general

Notwithstanding any other provision of this subsection or any other provision of law, with respect to private education loans or loans under this part or part B made to a borrower, which are held by the same holder and which have different applicable rates of interest, the holder of such loans shall apply the borrower’s prepayment amount for such loans, first toward any fees due on such loans (including any late charges accrued or collection costs), and then, except if otherwise requested by the borrower, toward the outstanding balance of interest and principal due on the loan with the highest applicable rate of interest among such loans.

(B)

Income-based repayment

Subparagraph (A) shall not apply to an income-based repayment plan under section 493C.

(C)

Definition

The term private education loan has the meaning given the term in section 140 of the Truth in Lending Act.

.

3.

Contract requirement

Section 456(a)(2) of the Higher Education Act of 1965 (20 U.S.C. 1087f(a)(2)) is amended by inserting before the period at the end of the first sentence the following: , including the requirement with respect to the application of prepayment amounts under section 455(d)(6).