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S 2573 109th Congress Senate

Reverse the Raid on Student Aid Act of 2006

Official title: A bill to amend the Higher Education Act of 1965 to provide interest rate reductions, to authorize and appropriate amounts for the Federal Pell Grant program, … Show full official titleShow less

Official title: A bill to amend the Higher Education Act of 1965 to provide interest rate reductions, to authorize and appropriate amounts for the Federal Pell Grant program, to allow for in-school consolidation, to provide the administrative account for the Federal Direct Loan Program as a mandatory program, to strike the single holder rule, and for other purposes.

Introduced: April 6, 2006 Introduced by: Durbin, Richard J. Democratic · Illinois See on congress.gov
Education AppropriationsAuthorizationDebtor and creditorDepartment of Education
More subjectsShow fewer subjects
Economics and Public FinanceFederal aid to educationFederally-guaranteed loansFinance and Financial SectorGovernment Operations and PoliticsGovernment lendingHigher educationIndexing (Economic policy)Interest ratesScholarshipsStudent loan fundsStudents
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This bill died when the 109th Congress ended
It never became law before the 109th Congress (2005–2006) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jun 27, 2006
Sponsor introductory remarks on measure. (CR S6552-6553)
Apr 6, 2006
Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text of measure as introduced: CR S3234-3235)
Apr 6, 2006
Sponsor introductory remarks on measure. (CR S3201-3203)
Apr 6, 2006
Introduced in Senate
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 Latest action June 27, 2006

Sponsor introductory remarks on measure. (CR S6552-6553)

 Plain-English summary Congressional Research Service

Reverse the Raid on Student Aid Act of 2006 - Amends the Higher Education Act of 1965 to cut student loan interest rates to 3.4% for student borrowers and 4.25% for parent borrowers under the Federal Family Education Loan (FFEL) and William D. Ford Direct Loan programs for loans whose first disbursement is made on or after July 1, 2006. Maintains the current 6.8% interest rate, however, for unsubsidized Stafford loans for middle-income borrowers under such programs.

Authorizes and appropriates the funds necessary to award eligible students with Pell Grants up to specified maximum increasing amounts from academic year 2007 to 2012, with increases thereafter gauged to the Consumer Price Index.

Allows students to consolidate loans under the FFEL program while still in school.

Sets limits on funds available for administrative expenses under the FFEL and Direct Loan programs for FY2007-2012. Eliminates the current FY2007-2011 authorization of appropriations for the administrative costs of such programs.

Repeals the single holder rule which requires borrowers to apply to their current lenders for FFEL consolidation loans.

 Related & companion bills 1
  • HR 5150 Related bill Reverse the Raid on Student Aid Act of 2006
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
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APA
U.S. Congress. (2026). S. 2573: Reverse the Raid on Student Aid Act of 2006. 109th Congress. Open America. https://openamerica.io/bill/109-S-2573/
MLA
"S. 2573: Reverse the Raid on Student Aid Act of 2006." 109th Congress, 2026, Open America, https://openamerica.io/bill/109-S-2573/.
Bluebook (legal)
S. 2573, 109th Cong. (2026), https://openamerica.io/bill/109-S-2573/.
Markdown link
[S. 2573: Reverse the Raid on Student Aid Act of 2006](https://openamerica.io/bill/109-S-2573/)
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