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S 603 117th Congress Senate Education Education programs funding Government information and archives Government lending and loan guarantees Higher education Interest, dividends, interest rates Student aid and college costs

Coronavirus Emergency Student Loan Refinancing Act

Introduced: March 4, 2021 Introduced by: Warner, Mark R. Democratic · Virginia See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 4, 2021
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Mar 4, 2021
Introduced in Senate
 Plain-English summary Congressional Research Service

Coronavirus Emergency Student Loan Refinancing Act

This bill establishes a refinancing program for federal student loans.

Specifically, the Department of Education (ED) must, within 30 days, establish a program that allows qualified borrowers to refinance their federal student loans down to lower interest rates. The refinanced interest rates are (1) calculated based on the type of student loan (e.g., Stafford), and (2) fixed for the period of the loan.

In addition, the bill requires ED to establish eligibility requirements for the refinancing program based on income or debt-to-income ratio. ED must also coordinate with the Consumer Financial Protection Bureau to alert borrowers of their program eligibility.

What's happening now March 4, 2021

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

 Committees of jurisdiction 1