S. 1241 · 113th Congress
Bipartisan Student Loan Certainty Act
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Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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ManchinSponsor15 cosponsors · 1 D, 13 R, 1 I
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Alexander
KA
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Ayotte
RB
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Burr
TC
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Carper
TC
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Coburn
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Isakson
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King
RB
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Blunt
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Portman
LM
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Murkowski
TC
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Cochran
SC
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Collins
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Hoeven
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Enzi
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Heller7 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Bipartisan Student Loan Certainty Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to set the annual interest rate on Direct Loans at the bond equivalent rate on 91-day Treasury bills plus: (1) 1.85% for Direct Stafford Loans and Direct Unsubsidized Stafford Loans for undergraduate students, (2) 3.4% for Direct Unsubsidized…
What it does: CRS summary · Introduced in Senate · Jun 27, 2013
Bipartisan Student Loan Certainty Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to set the annual interest rate on Direct Loans at the bond equivalent rate on 91-day Treasury bills plus: (1) 1.85% for Direct Stafford Loans and Direct Unsubsidized Stafford Loans for undergraduate students, (2) 3.4% for Direct Unsubsidized Stafford Loans for graduate students, and (3) 4.4% for Direct PLUS Loans.
Fixes the interest rate on such loans for the period of the loan.
Sets the annual interest rate on the unpaid principle balance of Direct Consolidation Loans at the lesser of: (1) the weighted average of the interest rates on the loans consolidated, rounded to the nearest higher one-eighth of 1%; or (2) 8.25%.
Makes these interest rate provisions applicable to loans first disbursed on or after July 1, 2013.
Requires institutions of higher education (IHEs) to provide student borrowers of title IV loans, prior to or at the time of their departure from school, with information regarding: (1) their options for loan consolidation; (2) the income-based repayment plan, including information about capped monthly payments and loan forgiveness under the plan; and (3) Direct Consolidation Loans.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Bipartisan Student Loan Certainty Act
Latest action (Jun 27, 2013): Introduced in the Senate. Read twice. Ordered Placed on Senate Legislative Calendar under General Orders. Calendar No. 125.
Policy area: Education · Origin: Senate · Introduced: Jun 27, 2013
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.