Bill > S2292

This bill, titled the "Bank on Students Emergency Loan Refinancing Act," aims to allow borrowers to refinance certain federal student loans and private education loans to potentially secure lower interest rates. Specifically, it proposes to create programs where the Secretary of Education can reissue Federal Family Education Loan Program (FFEL) loans and Federal Direct Loans disbursed before July 1, 2013, and eligible private education loans disbursed before July 1, 2013, as Federal Direct Loans. These refinanced loans would have interest rates tied to specific rates from the 2013-2014 academic year, and the repayment terms would generally remain the same as the original loans, though borrowers could elect different repayment plans. The bill also introduces a "fair share tax" on high-income taxpayers, defined as those with adjusted gross income exceeding $1,000,000 (adjusted for inflation), with the revenue generated intended to offset the cost of the student loan refinancing programs, ensuring their implementation is deficit-neutral. The authority to refinance loans under these new programs would expire on a date determined by the net cost of the programs compared to the revenue generated by the fair share tax.