Bill > S1845

This bill, titled the "If It's Good Enough For the Banks, It's Good Enough For Students Act," aims to enable borrowers of Federal student loans to refinance those loans at interest rates equivalent to the interest rates at which the Federal Government provides loans to banks through the discount window operated by the Federal Reserve System. The bill amends the Higher Education Act of 1965 to establish a program under which the Secretary of Education, upon receiving an application from a qualified borrower, will refinance the borrower's existing Federal Direct Stafford Loans, Federal Direct Unsubsidized Stafford Loans, Federal Direct PLUS Loans, or Federal Direct Consolidation Loans at a fixed interest rate equal to the rate the Federal Government charges banks through the discount window. The bill also requires the Secretary, in coordination with the Director of the Bureau of Consumer Financial Protection, to carry out a campaign to alert eligible borrowers about the availability of this refinancing option.

Health and Social Services

https://www.congress.gov/bill/116th-congress/senate-bill/1845/all-info