summary
Introduced
In Committee
Crossed Over
Passed
Dead
Introduced Session
112th Congress
Bill Summary
Interest Rate Reduction Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to make the 3.4% interest rate on Direct Stafford loans first disbursed to undergraduate students between July 1, 2011, and July 1, 2012, applicable to Direct Stafford loans first disbursed to undergraduate students between July 1, 2011, and July 1, 2013. Amends the Patient Protection and Affordable Care Act to repeal provisions establishing and appropriating funds to the Prevention and Public Health Fund (a Fund to provide for expanded and sustained national investment in prevention and public health programs to improve health and help restrain the rate of growth in private and public sector health care costs). Rescinds any unobligated balances appropriated to such Fund.
AI Summary
This bill, titled the Interest Rate Reduction Act, extends the 3.4% interest rate on Federal Direct Stafford loans for undergraduate students. Specifically, it changes the period during which these loans can be first disbursed with the lower interest rate from July 1, 2011, to July 1, 2012, to July 1, 2011, to July 1, 2013. Federal Direct Stafford loans are a type of federal student loan. Additionally, the bill repeals provisions within the Patient Protection and Affordable Care Act that established and funded the Prevention and Public Health Fund, which was intended to invest in programs aimed at improving health and controlling healthcare costs, and rescinds any unspent money allocated to this fund.
Sponsors (22)
Lamar Alexander (R),
Kelly Ayotte (R),
John Barrasso (R),
Roy Blunt (R),
Saxby Chambliss (R),
Daniel Coats (R),
Thad Cochran (R),
John Cornyn (R),
Michael Enzi (R),
Dean Heller (R),
John Hoeven (R),
Kay Hutchison (R),
James Inhofe (R),
Johnny Isakson (R),
Mike Johanns (R),
Jon Kyl (R),
Mitch McConnell (R),
Rob Portman (R),
Pat Roberts (R),
Marco Rubio (R),
John Thune (R),
Roger Wicker (R),
Last Action
Introduced in the Senate. Read twice. Ordered Placed on Senate Legislative Calendar under General Orders. Calendar No. 370. (on 04/25/2012)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/112th-congress/senate-bill/2366/all-info | 04/25/2013 |
| Bill | http://gpo.gov/fdsys/pkg/BILLS-112s2366pcs/pdf/BILLS-112s2366pcs.pdf.pdf | 02/03/2013 |
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