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Bank on Students Emergency Loan Refinancing Act

Introduced: May 17, 2017 Introduced by: Warren, Elizabeth Democratic · Massachusetts See on congress.gov

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

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).

What's happening now May 17, 2017

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

Committees of jurisdiction 1