The Student Loan Simplification Act of 2023 (H.R. 1559 IS)

Passed the House of Representatives on June 6, 2023, and referred to the Committee on Education and Labor. View full text at GovInfo.gov

Section 1. Short title

This Act may be cited as the "Student Loan Simplification Act of 2023".

SEC. 2. Sense of Congress on student loan debt

The sense of Congress expressed in this section is that—

• The amount of outstanding student loan debt in the United States is unsustainable and is a major obstacle to economic mobility for individuals, families, and communities; and
• the current system for managing student loans is overly complex and does not provide adequate protections or relief for borrowers.

SEC. 3. Improvements to the Federal Family Education Loan Program

This section makes several improvements to the Federal Family Education Loan (FFEL) Program, including eliminating interest accrual while students are enrolled at least half-time and during deferment or forbearance.

SEC. 4. Conforming amendments

• Section 487(e)(2)(B)(ii)(IV) of the Higher Education Act of 1965 is amended to change the term "entrance and exit counseling" to "pre-loan and exit counseling."
• Section 487A of the Higher Education Act of 1965 is amended to change the term "entrance and exit interviews" to "pre-loan and exit interviews."

SEC. 5. Sense of Congress on student loan forgiveness

This section expresses the sense of Congress regarding the need for additional efforts to address the issue of student loan debt.

SEC. 6. Effective date

This Act takes effect 1 year after the date of enactment of this Act.