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H.R. 3390 115th Congress House

Student Loan Relief Act of 2017

Official title: To amend the Higher Education Act of 1965 to reduce the interest rate caps for Federal Direct student loans, to eliminate loan origination fees on all Federal … Show full official titleShow less

Official title: To amend the Higher Education Act of 1965 to reduce the interest rate caps for Federal Direct student loans, to eliminate loan origination fees on all Federal Direct student loans, and to provide for refinancing of Federal Direct student loans and Federal family education loans.

Introduced: July 25, 2017 Introduced by: Kathy Castor Democratic · Florida See on congress.gov
Education Government information and archivesGovernment lending and loan guaranteesHigher educationInterest, dividends, interest rates
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Student aid and college costsUser charges and fees
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This bill died when the 115th Congress ended
It never became law before the 115th Congress (2017–2018) 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
Jul 25, 2017
Referred to the House Committee on Education and the Workforce.
Jul 25, 2017
Introduced in House
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 Latest action July 25, 2017

Referred to the House Committee on Education and the Workforce.

 Plain-English summary Congressional Research Service

Student Loan Relief Act of 2017

This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to cap the interest rate for new Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans that are disbursement on or after July 1, 2018. Specifically, the bill caps the rates for: (1) undergraduate students at 4%, (2) graduate students at 5%, and (3) parents of undergraduates at 6%.

In addition, the bill eliminates loan origination fees charged to students to process their loans.

Finally, the bill establishes a program that allows eligible students with existing loans under the Federal Direct Loan program (a Federal Direct Stafford Loan, a Federal Direct Unsubsidized Stafford Loan, a Federal Direct PLUS Loan, or a Federal Direct Consolidation Loan) to refinance their loans down to the lower rates offered to new federal borrowers in the 2017-2018 school year. The program must also allow students with loans under the Federal Family Education Loans program to refinance them as federal direct loans.

 Related & companion bills 4
  • S 1521 Identical bill Student Loan Relief Act of 2017
  • HR 4001 Student Loan Refinancing and Recalculation Act
  • HR 2477 Bank on Students Emergency Loan Refinancing Act
  • S 1162 Bank on Students Emergency Loan Refinancing Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2
D
Thompson, Bennie G.
Mississippi · Oct 2, 2018
 D
Soto, Darren
Florida · Jul 25, 2017
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 3390: Student Loan Relief Act of 2017. 115th Congress. Open America. https://openamerica.io/bill/115-HR-3390/
MLA
"H.R. 3390: Student Loan Relief Act of 2017." 115th Congress, 2026, Open America, https://openamerica.io/bill/115-HR-3390/.
Bluebook (legal)
H.R. 3390, 115th Cong. (2026), https://openamerica.io/bill/115-HR-3390/.
Markdown link
[H.R. 3390: Student Loan Relief Act of 2017](https://openamerica.io/bill/115-HR-3390/)
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