HR 5710 118th Congress House Education

Student Loan Refinancing and Recalculation Act

Introduced: September 26, 2023 Introduced by: Garamendi, John Democratic · California See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Sep 26, 2023

Referred to the House Committee on Education and the Workforce.

Sep 26, 2023

Introduced in House

Plain-English summary Congressional Research Service

Student Loan Refinancing and Recalculation Act

This bill provides for the refinancing or deferral of certain federal student loans.

Specifically, the bill directs the Department of Education to establish a program to refinance the outstanding principal, interest, and late charges on federal student loans in order to give borrowers fixed interest rates equal to the 10-year Treasury note rate plus one percentage point. Further, the bill eliminates origination fees on the loans.

In addition, the bill allows borrowers in medical, veterinary, or dental internship or residency programs to defer student loan payments until the completion of their programs.

The bill also terminates interest capitalization for federal student loans.

What's happening now September 26, 2023

Referred to the House Committee on Education and the Workforce.

Committees of jurisdiction 1