HR 5274 114th Congress House Education Government lending and loan guarantees Higher education Interest, dividends, interest rates Student aid and college costs User charges and fees

Student Loan Refinancing and Recalculation Act

Introduced: May 18, 2016 Introduced by: Garamendi, John Democratic · California See on congress.gov

Everywhere this bill has been 4 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Sep 19, 2016

Referred to the Subcommittee on Higher Education and Workforce Training.

Jun 10, 2016

Sponsor introductory remarks on measure. (CR H3698-3699)

May 18, 2016

Referred to the House Committee on Education and the Workforce.

May 18, 2016

Introduced in House

Plain-English summary Congressional Research Service

Student Loan Refinancing and Recalculation Act

This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Department of Education to establish a program to refinance the outstanding principal, interest, and late charges on Federal Direct Loans (DLs) and Federal Family Education Loans (FFELs).

A refinanced loan has a fixed interest rate equal to the 10-year Treasury note rate plus 1 percentage point.

Additionally, the bill modifies the formula to calculate interest rates on new Direct Subsidized, Unsubsidized, and PLUS Loans disbursed on or after July 1, 2017.

Finally, it eliminates the origination fee on Direct Subsidized, Unsubsidized, and PLUS Loans disbursed (and on Consolidation Loans applied for) after enactment of this bill.

What's happening now September 19, 2016

Referred to the Subcommittee on Higher Education and Workforce Training.

Committees of jurisdiction 2