HR 5 110th Congress House Education Administrative fees Collection of accounts Commerce Economics and Public Finance Federal aid to education Federally-guaranteed loans Finance and Financial Sector Government lending Higher education Interest rates Law Rebates Small business Student loan funds Subsidies

College Student Relief Act of 2007

Introduced: January 12, 2007 See on congress.gov

Everywhere this bill has been 17 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jan 17, 2007

Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Jan 17, 2007

Motion to reconsider laid on the table Agreed to without objection.

Jan 17, 2007

On passage Passed by the Yeas and Nays: 356 - 71 (Roll no. 32). (text: CR H597-598)

Jan 17, 2007

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 356 - 71 (Roll no. 32).(text: CR H597-598)

Jan 17, 2007

On motion to recommit with instructions Failed by the Yeas and Nays: 186 - 241 (Roll no. 31).

Jan 17, 2007

The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H630)

Jan 17, 2007

Floor Summary: DEBATE - The House proceeded with 10 minutes of debate on the McKeon motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment inserting a new section providing for benefits contingent on income or military service.

Jan 17, 2007

Mr. McKeon moved to recommit with instructions to Education and Labor. (consideration: CR H628-630; text: CR H628-629)

Jan 17, 2007

The previous question was ordered pursuant to the rule. (consideration: CR H628)

Jan 17, 2007

DEBATE - The House proceeded with three hours of debate on H.R. 5.

Jan 17, 2007

Rule provides for consideration of H.R. 5 with 3 hours of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments.

Jan 17, 2007

Considered under the provisions of rule H. Res. 65. (consideration: CR H597-631)

Jan 17, 2007

Rule H. Res. 65 passed House.

Jan 16, 2007

Rules Committee Resolution H. Res. 65 Reported to House. Rule provides for consideration of H.R. 5 with 3 hours of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Bill is closed to amendments.

Jan 12, 2007

Referred to the House Committee on Education and Labor.

Jan 12, 2007

Sponsor introductory remarks on measure. (CR E101-102)

Jan 12, 2007

Introduced in House

Plain-English summary Congressional Research Service

College Student Relief Act of 2007 - Amends the Higher Education Act of 1965 to phase-in cuts in the interest rate charged undergraduate student borrowers under the Federal Family Education Loan (FFEL) and Direct Loan (DL) programs, thereby reducing such rate from 6.8% in July 2006 to 3.4% in July 2011.

Limits FFEL lender insurance to 95% of the unpaid balance of such loans. (Currently, 97% of a FFEL issued after June 2006 is federally-insured.)

Provides for graduated reductions in the percentage of defaulted FFEL loan collections a guaranty agency is allowed to retain until, beginning in October 2010, it is equal to the average rate paid to collection agencies that have contracts with the Secretary of Education.

Eliminates exceptional performer status for lenders, servicers, and guaranty agencies, which rewards such entities for high due diligence in FFEL collection.

Reduces special allowance payments made to FFEL lenders to compensate them for the difference between FFEL interest rates and market rates. Exempts small lenders from such reduction.

Increases the loan fee charged FFEL lenders from .5% to 1% of the principal amount of loans disbursed after June 2007. Prohibits its collection from borrowers.

Increases, after June 2007, the rebate fee charged a holder of FFEL consolidated loans, provided that at least 90% of the total principal and accrued unpaid interest outstanding on loans held by such holder are such loans.

What's happening now January 17, 2007

Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Committees of jurisdiction 2