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S. 1845 116th Congress Senate

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

Official title: A bill to enable borrowers of Federal student loans to refinance those loans at interest rates that are equivalent to the interest rates at which the Federal G… Show full official titleShow less

Official title: A bill to enable borrowers of Federal student loans to refinance those loans at interest rates that are equivalent to the interest rates at which the Federal Government provides loans to banks through the discount window operated by the Federal Reserve System.

Introduced: June 13, 2019 Introduced by: Jeff Merkley Democratic · Oregon See on congress.gov
Education Education programs fundingGovernment lending and loan guaranteesHigher educationInterest, dividends, interest ratesStudent aid and college costs
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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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 Latest action June 13, 2019

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

 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.

 Related & companion bills 5
  • HR 1707 Bank on Students Emergency Loan Refinancing Act
  • S 768 Bank on Students Emergency Loan Refinancing Act
  • HR 3102 HIGHER ED Act
  • HR 4674 College Affordability Act
  • HR 6397 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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