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HR 1946 113th Congress House

Responsible Student Loan Solutions Act

Official title: To amend the Federal Direct Loan Program under the Higher Education Act of 1965 to provide for student loan affordability, and for other purposes.

Introduced: January 9, 2014 See on congress.gov
Education Government lending and loan guaranteesHigher educationInterest, dividends, interest ratesStudent aid and college costs
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This bill died when the 113th Congress ended
It never became law before the 113th Congress (2013–2014) 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 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 8, 2013
Referred to the Subcommittee on Higher Education and Workforce Training.
May 9, 2013
Referred to the House Committee on Education and the Workforce.
May 9, 2013
Introduced in House
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 Latest action July 8, 2013

Referred to the Subcommittee on Higher Education and Workforce Training.

 Plain-English summary Congressional Research Service

Responsible Student Loan Solutions Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to limit the unpaid amount of Direct Stafford loans that students may amass before completing their undergraduate education. Varies that limit on the basis of whether a student is a dependent student, independent student, or dependent student whose parents are unable to borrow a Direct PLUS loan.

Limits the amount of Direct Stafford loans that students may borrow in any academic year before the completion of their undergraduate studies. Varies that limit on the basis of whether a student: (1) is a dependent student, independent student, or dependent student whose parents are unable to borrow a Direct PLUS loan; and (2) has or has not successfully completed the first year or first and second years of their undergraduate studies.

Sets the annual interest rate on Direct loans at the bond equivalent rate on 91-day Treasury bills plus a percentage that: (1) represents the total cost of administering the Direct Loan program and borrower benefits, and (2) results in the program being revenue neutral for the applicable 12-month period. Allows the Secretary of Education to use different percentages under that formula for the Direct Stafford Loan, Unsubsidized Stafford Loan, PLUS Loan, and Consolidation Loan programs.

Caps the annual interest rate for Direct Stafford loans at 6.8%, and for Direct Unsubsidized Stafford loans and Direct PLUS and Consolidation loans at 8.25%

Directs the Secretary to charge the borrower of a Direct PLUS loan an origination fee of up to 3% of the loan principal.

Limits the applicability of the preceding provisions to loans first disbursed on or after July 1, 2013.

Authorizes the Secretary to refinance federal PLUS and Stafford loans to permit borrowers to obtain an interest rate determined pursuant to this Act's provisions.

Allows the Secretary to charge borrowers an administrative fee for refinancing such loans that does not exceed 0.5% of the loan principal.

 Related & companion bills 1
  • S 909 Identical bill Responsible Student Loan Solutions Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Cosponsors 10
All 10 Democratic 6
D
Pocan, Mark
Wisconsin · Jan 9, 2014
 D
DeGette, Diana
Colorado · Jun 3, 2013
 D
Garamendi, John
California · May 22, 2013
ANDREWS, ROBERT
· May 14, 2013
Bishop, Timothy
· May 14, 2013
DAVIS, SUSAN
· May 14, 2013
HOLT, RUSH
· May 14, 2013
 D
Scott, Robert C. "Bobby"
Virginia · May 14, 2013
 D
Wilson, Frederica S.
Florida · May 14, 2013
 D
Courtney, Joe
Connecticut · May 9, 2013
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 1946: Responsible Student Loan Solutions Act. 113th Congress. Open America. https://openamerica.io/bill/113-HR-1946/
MLA
"H.R. 1946: Responsible Student Loan Solutions Act." 113th Congress, 2026, Open America, https://openamerica.io/bill/113-HR-1946/.
Bluebook (legal)
H.R. 1946, 113th Cong. (2026), https://openamerica.io/bill/113-HR-1946/.
Markdown link
[H.R. 1946: Responsible Student Loan Solutions Act](https://openamerica.io/bill/113-HR-1946/)
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