Skip to main content
S 1066 113th Congress Senate

Federal Student Loan Refinancing Act

Official title: A bill to allow certain student loan borrowers to refinance Federal student loans.

Introduced: July 29, 2013 Introduced by: Gillibrand, Kirsten E. Democratic · New York See on congress.gov
Education Government lending and loan guaranteesHigher educationInterest, dividends, interest ratesStudent aid and college costsUser charges and fees
Sign in to write a letter Sign in to watch
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 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 23, 2013
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
May 23, 2013
Introduced in Senate
 Ask about this bill AI · grounded in the bill text

Have a question about what this bill does? Ask in plain English; the answer is drawn from the bill's actual text and official record, and it'll tell you when something isn't in the text rather than guess.

AI answers can be imperfect; always confirm against the full bill text.

 Latest action May 23, 2013

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

 Plain-English summary Congressional Research Service

Federal Student Loan Refinancing Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to allow borrowers that received loans under the William D. Ford Federal Direct Loan (DL) or Federal Family Education Loan (FFEL) program on or after July 1, 2006, to consolidate those loans as Federal Direct Consolidation Loans.

Directs the Secretary of Education to consolidate DLs, and send a completed loan consolidation application to FFEL borrowers, within 90 days of this Act's enactment. Gives FFEL borrowers six months after their receipt of such application to endorse it and submit it to the Secretary if they wish to consolidate their loans.

Sets the interest rate on Federal Direct Consolidation Loans at 4% or, if the weighted average of the interest rates of the loans being consolidated is less than 4%, the lesser of: (1) that weighted average, or (2) an interest rate equal to 0.4% of the principal balance of the consolidation loan at the time of consolidation.

Adds an origination fee equal to 0.4% of the principal balance of the consolidation loan at the time of consolidation if an FFEL is being consolidated.

Reduces the interest rate on a Federal Direct Consolidation Loan by 0.25% if one or more of the loans being consolidated is an FFEL held by an eligible lender.

Prohibits any benefit a borrower is receiving or earning when issued a Federal Direct Consolidation Loan from being affected by the consolidation.

 Related & companion bills 1
  • HR 4622 Identical bill Federal Student Loan Refinancing Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 4
All 4 Democratic 4
D
Booker, Cory A.
New Jersey · May 20, 2014
 D
Schatz, Brian
Hawaii · May 20, 2014
 D
Merkley, Jeff
Oregon · Apr 30, 2014
 D
Blumenthal, Richard
Connecticut · Jul 29, 2013
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1066: Federal Student Loan Refinancing Act. 113th Congress. Open America. https://openamerica.io/bill/113-S-1066/
MLA
"S. 1066: Federal Student Loan Refinancing Act." 113th Congress, 2026, Open America, https://openamerica.io/bill/113-S-1066/.
Bluebook (legal)
S. 1066, 113th Cong. (2026), https://openamerica.io/bill/113-S-1066/.
Markdown link
[S. 1066: Federal Student Loan Refinancing Act](https://openamerica.io/bill/113-S-1066/)
Report a problem