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S 1845 116th Congress Senate Education Education programs funding Government lending and loan guarantees Higher education Interest, dividends, interest rates Student aid and college costs

If It's Good Enough For the Banks, It's Good Enough For Students Act

Introduced: June 13, 2019 Introduced by: Merkley, Jeff Democratic · Oregon See on congress.gov
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This bill died when the 116th Congress ended
It never became law before the 116th Congress (2019–2020) 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
Jun 13, 2019
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Jun 13, 2019
Introduced in Senate
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 Plain-English summary Congressional Research Service

If It's Good Enough For the Banks, It's Good Enough For Students Act

This bill establishes a program that allows qualified borrowers to refinance their Federal Direct Loans down to the lower interest rates offered to banks by the Federal Reserve System (i.e., through the discount window). The refinanced interest rate is fixed for the period of the loan.

The bill also directs the Department of Education and the Consumer Financial Protection Bureau to carry out a campaign to notify qualified borrowers who are not in default on their loans that they are eligible to apply for refinancing under the program within a two-year period.

What's happening now June 13, 2019

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

 Related & companion bills 5
  • HR 1707 Related bill Bank on Students Emergency Loan Refinancing Act
  • S 768 Related bill Bank on Students Emergency Loan Refinancing Act
  • HR 3102 Related bill HIGHER ED Act
  • HR 4674 Related bill College Affordability Act
  • HR 6397 Related bill Coronavirus Emergency Student Loan Refinancing Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2
D
Booker, Cory A.
New Jersey · Jun 13, 2019
 D
Gillibrand, Kirsten E.
New York · Jun 13, 2019
Cite this page click to expand
APA
U.S. Congress. (2026). S. 1845: If It's Good Enough For the Banks, It's Good Enough For Students Act. 116th Congress. Open America. https://openamerica.io/bill/116-S-1845/
MLA
"S. 1845: If It's Good Enough For the Banks, It's Good Enough For Students Act." 116th Congress, 2026, Open America, https://openamerica.io/bill/116-S-1845/.
Bluebook (legal)
S. 1845, 116th Cong. (2026), https://openamerica.io/bill/116-S-1845/.
Markdown link
[S. 1845: If It's Good Enough For the Banks, It's Good Enough For Students Act](https://openamerica.io/bill/116-S-1845/)
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