S. 1541 · 111th Congress
Private Student Loan Debt Swap Act of 2009
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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BrownSponsorNo cosponsors.
Private Student Loan Debt Swap Act of 2009 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Secretary of Education to implement a Private Education Loan Debt Swap program.
What it does: CRS summary · Introduced in Senate · Jul 30, 2009
Private Student Loan Debt Swap Act of 2009 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Secretary of Education to implement a Private Education Loan Debt Swap program.
Requires the Secretary, under such program, to refinance the private education loans of certain borrowers who: (1) after July 1, 1994, were eligible for unsubsidized Stafford Loans under the Federal Family Education Loan (FFEL) program, or, after July 1, 2006, were eligible for FFEL PLUS Loans for graduate or professional education; (2) are not in default on a loan made, insured, or guaranteed under title IV; and (3) have made at least two consecutive payments on the private education loan to be refinanced and are not more than 90 days delinquent on such loan.
Makes the program applicable only to private education loans incurred after July 1, 1994, and before July 1, 2010, which were used for the cost of enrolling at institutions of higher education eligible to participate in title IV programs.
Sets the interest rate on such refinanced loans at the rate applicable to: (1) unsubsidized Stafford loans, for borrowers who were eligible for such loans; and (2) Federal Direct PLUS loans, for borrowers who were eligible for those loans.
Gives refinanced loans the same repayment terms, conditions, and benefits as Consolidation Loans under the Direct Loan program.
Directs the Secretary carry out a national awareness campaign on the availability and benefits of refinancing private education loans under this program.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Private Student Loan Debt Swap Act of 2009
Latest action (Jul 30, 2009): Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Policy area: Education · Origin: Senate · Introduced: Jul 30, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.