Student Loan Fairness Act

[AI summary unavailable — showing source text] Student Loan Fairness Act This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 (HEA) to establish a 10/10 Loan Repayment Plan that allows borrowers of Federal Family Education Loans (FFELs) and Direct Loans (DLs) to limit their monthly payments on such loans to one-twelfth of 10% of the amount by which their adjusted gross incomes and that of their spouses (if applicable) exceed 150% of the federal poverty level. Additionally, it establishes a 10/10 Loan Forgiveness Program that provides FFEL and DL forgiveness to borrowers who, after the date that is 10 years before this bill's enactment, have made 120 monthly payments under the 10/10 Loan Repayment Plan or under another repayment plan that required them to make payments at least as large as those they would have made under the 10/10 Loan Repayment Plan. It credits the months during which an individual is in deferment due to an economic hardship as months for which payment was made for purposes of the 10/10 Loan Forgiveness Program. The bill caps the amount of loan forgiveness that the program will provide to individuals who become new borrowers after this bill's enactment. It caps the interest rate o…