H.R. 5274 · 114th Congress
Student Loan Refinancing and Recalculation Act
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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GaramendiSponsor30 cosponsors · 29 D, 1 R
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Bordallo
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Bass
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Bustos
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Boyle
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Conyers
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Costa
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Connolly
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Chu
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Cicilline
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DeLauro
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Doggett
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DeSaulnier
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Honda
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Hahn
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Huffman
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Israel
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Kirkpatrick
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Kuster
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Lee
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Lowenthal
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McDermott
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Meeks
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Matsui
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McNerney
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Nolan
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Roybal-Allard
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Slaughter
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Thompson
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Tonko
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Reed29 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Department of Education to establish a program to refinance the outstanding principal, interest, and late charges on Federal Direct Loans (DLs) and Federal Family Education Loans (FFELs).
What it does: CRS summary · Introduced in House · May 18, 2016
Student Loan Refinancing and Recalculation Act
This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Department of Education to establish a program to refinance the outstanding principal, interest, and late charges on Federal Direct Loans (DLs) and Federal Family Education Loans (FFELs).
A refinanced loan has a fixed interest rate equal to the 10-year Treasury note rate plus 1 percentage point.
Additionally, the bill modifies the formula to calculate interest rates on new Direct Subsidized, Unsubsidized, and PLUS Loans disbursed on or after July 1, 2017.
Finally, it eliminates the origination fee on Direct Subsidized, Unsubsidized, and PLUS Loans disbursed (and on Consolidation Loans applied for) after enactment of this bill.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Student Loan Refinancing and Recalculation Act
Latest action (Sep 19, 2016): Referred to the Subcommittee on Higher Education and Workforce Training.
Policy area: Education · Origin: House · Introduced: May 18, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.