Coronavirus Emergency Student Loan Refinancing Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in senate (Mar 4, 2021)
Coronavirus Emergency Student Loan Refinancing Act
This bill establishes a refinancing program for federal student loans.
Specifically, the Department of Education (ED) must, within 30 days, establish a program that allows qualified borrowers to refinance their federal student loans down to lower interest rates. The refinanced interest rates are (1) calculated based on the type of student loan (e.g., Stafford), and (2) fixed for the period of the loan.
In addition, the bill requires ED to establish eligibility requirements for the refinancing program based on income or debt-to-income ratio. ED must also coordinate with the Consumer Financial Protection Bureau to alert borrowers of their program eligibility.
What just happenedMar 4, 2021
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Who’s behind it
- Introduced in SenateMar 4, 2021
- Mar 4, 2021IntroReferral
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Health, Education, Labor, and Pensions Committee - Mar 4, 2021IntroReferral10000
Introduced in Senate