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Congressional Update – Clarity in Lending for Education and Repayment Act

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The bill below was recently introduced on Capitol Hill and it involves student loans. If you would like to learn more about the bill, please click the link below. But for now, here is a snippet from the bill.

Clarity in Lending for Education and Repayment Act

H.R. 4652 — Introduced

Direct PLUS Loan (other than an excepted plus loan) made under this part. “(2) New borrower.–The term `new borrower’ means a borrower who– “(A) as of July 1, 2016, has no outstanding balance on a student loan made, insured, or guaranteed under part B or D; or “(B) has no outstanding balance on a student loan made, insured, or guaranteed under part B or D on the date the borrower receives a loan made under part D on or after July 1, 2016. “(3) Excepted plus loan; excepted consolidation loan.–Th…

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