S. 2895, The PLUS Loan Borrower Protection Act of 2008

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S. 2895 would amend the Higher Education Act of 1965 to maintain eligibility, for Federal PLUS loans, of borrowers who are 90 or more days delinquent on mortgage loan payments, or for whom foreclosure proceedings have been initiated, with respect to their primary residence.

Detailed Summary

PLUS Loan Borrower Protection Act of 2008 - Amends the Higher Education Act of 1965, with respect to eligibility for a PLUS Federal Family Education Loan, to specify an extenuating circumstance for purposes of determining if a borrower has an adverse credit history on the basis of a mortgage loan delinquency or foreclosure.

Declares that an extenuating circumstance exists if, at any time from January 1, 2007, through December 31, 2112, the borrower is 90 or more days delinquent on mortgage loan payments, or foreclosure proceedings have been initiated, with respect to the borrower's primary residence.

Status of the Legislation

Latest Major Action: 4/21/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Points in Favor

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Points Against

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