S. 1521 · 115th Congress
Student Loan Relief Act of 2017
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
NelsonSponsorNo cosponsors.
This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to cap the interest rate for new Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans that are disbursement on or after July 1, 2018.
What it does: CRS summary · Introduced in Senate · Jul 10, 2017
Student Loan Relief Act of 2017
This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to cap the interest rate for new Federal Direct Stafford Loans and Federal Direct Unsubsidized Stafford Loans that are disbursement on or after July 1, 2018. Specifically, the bill caps the rates for: (1) undergraduate students at 4%, (2) graduate students at 5%, and (3) parents of undergraduates at 6%.
In addition, the bill eliminates loan origination fees charged to students to process their loans.
Finally, the bill establishes a program that allows eligible students with existing loans under the Federal Direct Loan program (a Federal Direct Stafford Loan, a Federal Direct Unsubsidized Stafford Loan, a Federal Direct PLUS Loan, or a Federal Direct Consolidation Loan) to refinance their loans down to the lower rates offered to new federal borrowers in the 2017-2018 school year. The program must also allow students with loans under the Federal Family Education Loans program to refinance them as federal direct loans.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Student Loan Relief Act of 2017
Latest action (Jul 10, 2017): Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (Sponsor introductory remarks on measure: CR S3886-3887)
Policy area: Education · Origin: Senate · Introduced: Jul 10, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.