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S 897 113th Congress Senate

Bank on Students Loan Fairness Act

Official title: A bill to prevent the doubling of the interest rate for Federal subsidized student loans for the 2013-2014 academic year by providing funds for such loans thro… Show full official titleShow less

Official title: A bill to prevent the doubling of the interest rate for Federal subsidized student loans for the 2013-2014 academic year by providing funds for such loans through the Federal Reserve System, to ensure that such loans are available at interest rates that are equivalent to the interest rates at which the Federal Government provides loans to banks through the discount window operated by the Federal Reserve System, and for other purposes.

Introduced: June 3, 2013 Introduced by: Warren, Elizabeth Democratic · Massachusetts See on congress.gov
Education Education programs fundingGovernment 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
May 8, 2013
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
May 8, 2013
Sponsor introductory remarks on measure. (CR S3260)
May 8, 2013
Introduced in Senate
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 Latest action May 8, 2013

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

 Plain-English summary Congressional Research Service

Bank on Students Loan Fairness Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Board of Governors of the Federal Reserve System to provide the Secretary of Education, from the combined earnings of the Federal Reserve System, with the amount the Secretary determines to be reasonably necessary to award Direct Stafford Loans during the award year beginning July 1, 2013, to all eligible students attending participating institutions of higher education selected by the Secretary.

Prohibits appropriated funds from being used for Direct Stafford Loans made during that period.

Sets the interest rate on Direct Stafford Loans first disbursed on or after July 1, 2013, and before July 1, 2014, at the primary credit rate charged by the Federal Reserve banks on July 1, 2013.

 Related & companion bills 1
  • HR 1979 Identical bill Bank on Students Loan Fairness Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 5
All 5 Democratic 4 Independent 1
D
Markey, Edward J.
Massachusetts · Oct 2, 2013
 I
Sanders, Bernard
Vermont · Jun 26, 2013
 D
Blumenthal, Richard
Connecticut · Jun 3, 2013
 D
Schatz, Brian
Hawaii · May 23, 2013
 D
Merkley, Jeff
Oregon · May 14, 2013
Cite this page click to expand
APA
U.S. Congress. (2026). S. 897: Bank on Students Loan Fairness Act. 113th Congress. Open America. https://openamerica.io/bill/113-S-897/
MLA
"S. 897: Bank on Students Loan Fairness Act." 113th Congress, 2026, Open America, https://openamerica.io/bill/113-S-897/.
Bluebook (legal)
S. 897, 113th Cong. (2026), https://openamerica.io/bill/113-S-897/.
Markdown link
[S. 897: Bank on Students Loan Fairness Act](https://openamerica.io/bill/113-S-897/)
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