Eliminating the Hidden Student Loan Tax Act
This bill amends the Higher Education Act of 1965 to repeal the authority of the Department of Education (ED) to charge an origination fee on future loans under the William D. Ford Federal Direct Loan program. Specifically, the bill repeals ED's authority to charge an origination fee on a direct loan first disbursed, or, in the case of a direct consolidation loan, for which an application is received, on or after July 1, 2017. (Origination fees are the fees lenders charge for processing new loan applications.)
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