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HR 3047 113th Congress House Education Government lending and loan guarantees Higher education Interest, dividends, interest rates Student aid and college costs

To authorize borrowers of loans under the William D. Ford Federal Direct Loan Program to modify the interest rate of such loans to be equal to the interest rate for such loans at the time of modification.

Introduced: August 2, 2013 Introduced by: Pocan, Mark Democratic · Wisconsin See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 13, 2013
Referred to the Subcommittee on Higher Education and Workforce Training.
Aug 2, 2013
Referred to the House Committee on Education and the Workforce.
Aug 2, 2013
Introduced in House
 Plain-English summary Congressional Research Service

Amends title IV (Student Assistance) of the Higher Education Act of 1965 to allow a borrower of a loan under the William D. Ford Federal Direct Loan program to modify the interest rate on such a loan so that its interest rate is equal to the interest rate it would bear if first disbursed at the time of modification.

Fixes that interest rate for the life of the loan, unless the borrower elects to modify it again.

What's happening now September 13, 2013

Referred to the Subcommittee on Higher Education and Workforce Training.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Democratic 1