H.R. 3793 116th Congress House

SLASH Act

Official title: To amend the Higher Education Act of 1965 to include interest rate provisions for Federal loans made on or after July 1, 2020.

Introduced: November 21, 2019 See on congress.gov

Education Administrative law and regulatory proceduresGovernment lending and loan guaranteesHigher educationInterest, dividends, interest ratesStudent aid and college costs

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jul 17, 2019

Referred to the House Committee on Education and Labor.

Jul 17, 2019

Introduced in House

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Latest action July 17, 2019

Referred to the House Committee on Education and Labor.

Plain-English summary Congressional Research Service

Student Loan Accrual Support and Help Act or the SLASH Act

This bill sets the annual interest rate on all Federal Direct Stafford Loans, Federal Direct Unsubsidized Stafford Loans, and Federal Direct PLUS Loans disbursed on or after July 1, 2020, at an amount equal to the lesser of (1) the high-yield 10-year Treasury notes, or (2) 5%.

The bill also revises the method for calculating the applicable interest rate on a Federal Direct Consolidation Loan.

It also fixes the interest rate on such loans for the period of the loan.

Bill text 1 version