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S. 1162 115th Congress Senate

Bank on Students Emergency Loan Refinancing Act

Official title: A bill to amend the Higher Education Act of 1965 to provide for the refinancing of certain Federal student loans, and for other purposes.

Introduced: May 17, 2017 Introduced by: Elizabeth Warren Democratic · Massachusetts See on congress.gov
Education Budget deficits and national debtGovernment lending and loan guaranteesHigher educationIncome tax deductions
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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
May 17, 2017
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3015)
May 17, 2017
Introduced in Senate
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 Latest action May 17, 2017

Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3015)

 Plain-English summary Congressional Research Service

Bank on Students Emergency Loan Refinancing Act

This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to establish a program that allows eligible students with 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 2016-2017 school year under certain circumstances.

In addition, the bill allows student borrowers to refinance their private loans into the Federal Direct Loan program.

This bill amends the Internal Revenue Code to require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax).

 Related & companion bills 7
  • HR 2159 Paying a Fair Share Act of 2017
  • S 955 Paying a Fair Share Act of 2017
  • S 1521 Student Loan Relief Act of 2017
  • HR 4001 Student Loan Refinancing and Recalculation Act
  • HR 3390 Student Loan Relief Act of 2017
  • HR 5549 HIGHER ED Act
  • HR 2477 Bank on Students Emergency Loan Refinancing Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 26
All 26 Democratic 25 Independent 1
D
Smith, Tina
Minnesota · Jan 23, 2018
 D
Cantwell, Maria
Washington · Jun 29, 2017
 D
Baldwin, Tammy
Wisconsin · May 17, 2017
 D
Bennet, Michael F.
Colorado · May 17, 2017
 D
Blumenthal, Richard
Connecticut · May 17, 2017
 D
Booker, Cory A.
New Jersey · May 17, 2017
 D
Cortez Masto, Catherine
Nevada · May 17, 2017
 D
Duckworth, Tammy
Illinois · May 17, 2017
 D
Durbin, Richard J.
Illinois · May 17, 2017
 D
Gillibrand, Kirsten E.
New York · May 17, 2017
 D
Hassan, Margaret Wood
New Hampshire · May 17, 2017
 D
Heinrich, Martin
New Mexico · May 17, 2017
 D
Hirono, Mazie K.
Hawaii · May 17, 2017
 D
Klobuchar, Amy
Minnesota · May 17, 2017
 D
Markey, Edward J.
Massachusetts · May 17, 2017
 D
Merkley, Jeff
Oregon · May 17, 2017
 D
Murphy, Christopher
Connecticut · May 17, 2017
 D
Murray, Patty
Washington · May 17, 2017
 D
Peters, Gary C.
Michigan · May 17, 2017
 D
Reed, Jack
Rhode Island · May 17, 2017
 I
Sanders, Bernard
Vermont · May 17, 2017
 D
Schumer, Charles E.
New York · May 17, 2017
 D
Shaheen, Jeanne
New Hampshire · May 17, 2017
 D
Van Hollen, Chris
Maryland · May 17, 2017
 D
Whitehouse, Sheldon
Rhode Island · May 17, 2017
 D
Wyden, Ron
Oregon · May 17, 2017
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1162: Bank on Students Emergency Loan Refinancing Act. 115th Congress. Open America. https://openamerica.io/bill/115-S-1162/
MLA
"S. 1162: Bank on Students Emergency Loan Refinancing Act." 115th Congress, 2026, Open America, https://openamerica.io/bill/115-S-1162/.
Bluebook (legal)
S. 1162, 115th Cong. (2026), https://openamerica.io/bill/115-S-1162/.
Markdown link
[S. 1162: Bank on Students Emergency Loan Refinancing Act](https://openamerica.io/bill/115-S-1162/)
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