summary
Introduced
03/16/2021
03/16/2021
In Committee
03/16/2021
03/16/2021
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To provide for the refinancing and recalculation of certain Federal student loans, and for other purposes.
AI Summary
This bill, the Student Loan Refinancing and Recalculation Act, aims to provide opportunities for borrowers to refinance their Federal Direct Loans and Federal Family Education Loans (FFEL) at lower interest rates. The bill establishes a program through which the Secretary of Education can reissue eligible loans at a new interest rate based on the 10-year Treasury note yield plus 1%. Additionally, the bill amends the Higher Education Act to set new interest rate formulas for Federal Direct Stafford, Unsubsidized Stafford, and PLUS Loans issued on or after July 1, 2021, and eliminates origination fees for future Federal Direct Loans.
Committee Categories
Education
Sponsors (32)
John Garamendi (D)*,
Brendan Boyle (D),
Cheri Bustos (D),
Salud Carbajal (D),
Steve Cohen (D),
Jim Costa (D),
Angie Craig (D),
Lloyd Doggett (D),
Michael Doyle (D),
Brian Fitzpatrick (R),
Andrew Garbarino (R),
Vicente Gonzalez (D),
Josh Harder (D),
Sheila Jackson-Lee (D),
John Katko (R),
Raja Krishnamoorthi (D),
Grace Meng (D),
Chellie Pingree (D),
Bill Posey (R),
Kathleen Rice (D),
Deborah Ross (D),
Dutch Ruppersberger (D),
Michael San Nicolas (D),
Brad Schneider (D),
David Scott (D),
Albio Sires (D),
Darren Soto (D),
Abigail Spanberger (D),
Tom Suozzi (D),
Paul Tonko (D),
Norma Torres (D),
Filemón Vela (D),
Last Action
Referred to the House Committee on Education and Labor. (on 03/16/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/house-bill/1918/all-info |
| BillText | https://www.congress.gov/117/bills/hr1918/BILLS-117hr1918ih.pdf |
| Bill | https://www.congress.gov/117/bills/hr1918/BILLS-117hr1918ih.pdf.pdf |
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