S 897 113th Congress Senate Education Education programs funding Government lending and loan guarantees Higher education Interest, dividends, interest rates Student aid and college costs

Bank on Students Loan Fairness Act

Introduced: May 8, 2013 Introduced by: Warren, Elizabeth Democratic · Massachusetts See on congress.gov

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

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.

What's happening now May 8, 2013

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

Committees of jurisdiction 1