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
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
Plain-English summary
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
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Committees of jurisdiction
1