summary
Introduced
09/26/2023
09/26/2023
In Committee
09/26/2023
09/26/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th 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 provides for the refinancing and recalculation of certain federal student loans. Specifically, it establishes a program allowing the Secretary of Education to reissue federal direct loans and loans originally made under the Federal Family Education Loan (FFEL) program at a fixed interest rate equal to the 10-year Treasury note yield plus 1%. The bill also changes interest rate provisions for new federal direct loans made on or after July 1, 2024, and eliminates origination fees and interest capitalization on certain federal student loans. These changes are intended to help borrowers by lowering their interest rates and reducing the overall cost of their student loans.
Committee Categories
Education
Sponsors (12)
John Garamendi (D)*,
Brendan Boyle (D),
Lloyd Doggett (D),
Brian Fitzpatrick (R),
Vicente Gonzalez (D),
Josh Harder (D),
Raja Krishnamoorthi (D),
Ann Kuster (D),
Eleanor Holmes Norton (D),
Chellie Pingree (D),
Deborah Ross (D),
Hillary Scholten (D),
Last Action
Referred to the House Committee on Education and the Workforce. (on 09/26/2023)
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/118th-congress/house-bill/5710/all-info |
| BillText | https://www.congress.gov/118/bills/hr5710/BILLS-118hr5710ih.pdf |
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