Bill > S909

This bill, titled the Responsible Student Loan Solutions Act, aims to make federal student loans more affordable by amending the Federal Direct Loan Program under the Higher Education Act of 1965. Key provisions include establishing new aggregate and annual loan limits for Federal Direct Stafford Loans disbursed on or after July 1, 2013, with specific amounts varying based on whether the student is dependent or independent, and their academic progress. It also revises how interest rates are determined for Federal Direct Stafford Loans, Federal Direct Unsubsidized Stafford Loans, Federal Direct PLUS Loans, and Federal Direct Consolidation Loans disbursed on or after July 1, 2013, linking them to Treasury bill rates plus a determined percentage, with caps on the maximum interest rates. Additionally, the bill reduces the origination fee for Federal Direct PLUS Loans to a maximum of 3% for loans disbursed on or after July 1, 2013, and introduces provisions allowing the Secretary of Education to reissue or purchase existing Federal Direct PLUS Loans and Federal Direct Stafford Loans disbursed before July 1, 2013, to allow borrowers to access the new, potentially lower interest rates, with a small administrative fee.