Student Loan Refinancing and Recalculation Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary 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.
What just happenedSep 19, 2016
Referred to the Subcommittee on Higher Education and Workforce Training.
Who’s behind it
- Introduced in HouseMay 18, 2016
- Sep 19, 2016Committee
Referred to the Subcommittee on Higher Education and Workforce Training.
Higher Education and Workforce Development Subcomittee - Jun 10, 2016IntroReferralB00100
Sponsor introductory remarks on measure. (CR H3698-3699)
- May 18, 2016IntroReferralH11100
Referred to the House Committee on Education and the Workforce.
Education and the Workforce Committee - May 18, 2016IntroReferralIntro-H
Introduced in House
- May 18, 2016IntroReferral1000
Introduced in House