Bill > HR1434

Introduced Session

Bank on Students Emergency Loan Refinancing Act Amends title IV (Student Assistance) of the Higher Education Act of 1965 to direct the Secretary of Education to establish a program to refinance the unpaid principal, accrued unpaid interest, and late charges on: (1) the William D. Ford Federal Direct Loans (DLs) of qualified borrowers if the DLs were first disbursed or, in the case of Direct Consolidation Loans, applied for, before July 1, 2015; and (2) the Federal Family Education Loans (FFELs) of qualified borrowers as DLs. (FFELs were not disbursed after June 30, 2010.) Refinances the FFELs as Federal Direct Stafford, Unsubsidized Stafford, PLUS, or Consolidated Loans depending on the categorization of the FFEL as a Stafford, Unsubsidized Stafford, PLUS, or Consolidated Loan. Sets the interest rate on the refinanced loans, other than the Federal Direct Consolidation Loans, at the rate for the 12 months beginning on July 1, 2013, based on: (1) the DL's categorization; and (2) in the case of Stafford Loans, whether the loan was issued to an undergraduate or graduate student. Determines a refinanced Consolidation Loan's interest rate by: (1) weighing the proportion of the unpaid balance of the Consolidation Loan that each component loan represents, (2) setting the interest rate on each component loan at the lesser of the rate on the component loan for the 12 months beginning on July 1, 2013, or its original rate, and (3) applying the weighted average of the interest rates on those loans as the interest rate on the Consolidation Loan. Fixes the interest rate on the refinanced loans for the period of such loans. Directs the Secretary to establish eligibility requirements that are based on a borrower's income or debt-to-income ratio and that take into consideration providing access to refinancing for borrowers who have the greatest financial need. Requires the Secretary to establish a program to refinance the unpaid principal, accrued unpaid interest, and late charges on private education loans as Federal Direct Refinanced Private Loans if the private education loans were first disbursed to qualified borrowers before July 1, 2015, and were for their postsecondary educational expenses. Sets the interest rate on Federal Direct Refinanced Private Loans at the rate applicable for the 12 months beginning on July 1, 2013, to: (1) Direct Stafford and Unsubsidized Stafford Loans issued to undergraduates if the private education loan was issued for undergraduate expenses, (2) Direct Unsubsidized Stafford Loans issued to graduate or professional students if the private education loan was issued for graduate or professional studies, or (3) Direct PLUS Loans if the private education loan was issued for undergraduate and graduate or professional studies. Fixes the interest rate on such loans for the period of such loans. Directs the Secretary to establish eligibility requirements that: (1) are based on a borrower's income or debt-to-income ratio and take into consideration providing access to refinancing for borrowers who have the greatest financial need, (2) ensure eligibility only for borrowers in good standing, (3) minimize inequities between Federal Direct Refinanced Private Loans and other federal student loans, and (4) preclude windfall profits for private educational lenders. Requires qualified borrowers of such loans to undergo loan counseling before their private education loan is refinanced. Requires private educational lenders to report specified loan information to the Secretary, Congress, the Secretary of the Treasury, and the Director of the Consumer Financial Protection Bureau in order to allow for an assessment of the private education loan market. Directs the Secretary to undertake a campaign to alert borrowers that they may be eligible for refinancing under this Act. Amends the Internal Revenue Code to require an individual taxpayer whose adjusted gross income exceeds $1 million to pay a minimum tax rate of 30% of the excess of the taxpayer's adjusted gross income over the taxpayer's modified charitable contribution deduction for the taxable year (tentative fair share tax). Establishes the amount of such tax as the excess (if any) of the tentative fair share tax over the excess of: (1) the sum of the taxpayer's regular tax liability, the alternative minimum tax (AMT) amount, and the payroll tax for the taxable year; over (2) certain tax credits. Provides for a phase-in of such tax. Requires an inflation adjustment to the $1 million income threshold for taxable years beginning after 2016. Requires the Secretary to terminate this Act's refinancing programs on the earlier of the date: (1) when the net cost of carrying out the programs is equal to the Secretary's estimate of the amount of additional revenue generated during the 10-year period beginning on the date of this Act's enactment due to the fair share tax, or (2) that is two years after this Act's enactment.

Committee Categories

Joe Courtney (D)*,  Alma Adams (D),  Pete Aguilar (D),  Brad Ashford (D),  Karen Bass (D),  Joyce Beatty (D),  Xavier Becerra (D),  Don Beyer (D),  Sanford Bishop (D),  Earl Blumenauer (D),  Suzanne Bonamici (D),  Madeleine Bordallo (D),  Brendan Boyle (D),  Robert Brady (D),  Corrine Brown (D),  Julia Brownley (D),  Cheri Bustos (D),  G. Butterfield (D),  Lois Capps (D),  Michael Capuano (D),  Tony Cárdenas (D),  John Carney (D),  André Carson (D),  Matt Cartwright (D),  Kathy Castor (D),  Joaquin Castro (D),  Judy Chu (D),  David Cicilline (D),  Katherine Clark (D),  Yvette Clarke (D),  Lacy Clay (D),  Emanuel Cleaver (D),  Jim Clyburn (D),  Steve Cohen (D),  Gerry Connolly (D),  John Conyers (D),  Joseph Crowley (WFP),  Henry Cuellar (D),  Elijah Cummings (D),  Danny Davis (D),  Susan Davis (D),  Peter DeFazio (D),  Diana DeGette (D),  John Delaney (D),  Rosa DeLauro (D),  Suzan DelBene (D),  Mark DeSaulnier (D),  Theodore Deutch (D),  Debbie Dingell (D),  Lloyd Doggett (D),  Michael Doyle (D),  Tammy Duckworth (D),  Donna Edwards (D),  Keith Ellison (D),  Eliot Engel (D),  Anna Eshoo (D),  Elizabeth Esty (D),  Sam Farr (D),  Chaka Fattah (D),  Bill Foster (D),  Lois Frankel (D),  Marcia Fudge (D),  Tulsi Gabbard (D),  Ruben Gallego (D),  John Garamendi (D),  Alan Grayson (D),  Al Green (D),  Gene Green (D),  Raúl Grijalva (D),  Luis Gutiérrez (D),  Janice Hahn (D),  Alcee Hastings (D),  Denny Heck (D),  Brian Higgins (D),  Rubén Hinojosa (D),  Michael Honda (D),  Steny Hoyer (D),  Jared Huffman (D),  Steve Israel (D),  Sheila Jackson-Lee (D),  Hakeem Jeffries (D),  Eddie Johnson (D),  Hank Johnson (D),  Marcy Kaptur (D),  Bill Keating (D),  Robin Kelly (D),  Joseph Kennedy (D),  Dan Kildee (D),  Derek Kilmer (D),  Ron Kind (D),  Ann Kirkpatrick (D),  Ann Kuster (D),  James Langevin (D),  Rick Larsen (D),  John Larson (D),  Brenda Lawrence (D),  Barbara Lee (D),  Sander Levin (D),  John Lewis (D),  Ted Lieu (D),  David Loebsack (D),  Zoe Lofgren (D),  Alan Lowenthal (D),  Nita Lowey (D),  Ben Ray Luján (D),  Michelle Lujan Grisham (D),  Stephen Lynch (D),  Carolyn Maloney (D),  Sean Maloney (D),  Doris Matsui (D),  Betty McCollum (D),  Jim McDermott (D),  Jim McGovern (D),  Jerry McNerney (D),  Gregory Meeks (D),  Grace Meng (D),  Gwen Moore (D),  Seth Moulton (D),  Jerry Nadler (D),  Grace Napolitano (D),  Richard Neal (D),  Richard Nolan (D),  Donald Norcross (D),  Eleanor Holmes Norton (D),  Beto O'Rourke (D),  Frank Pallone (D),  Bill Pascrell (D),  Donald Payne (D),  Nancy Pelosi (D),  Ed Perlmutter (D),  Collin Peterson (D),  Pedro Pierluisi (I),  Chellie Pingree (D),  Stacey Plaskett (D),  Mark Pocan (D),  David Price (D),  Mike Quigley (D),  Charles Rangel (D),  Kathleen Rice (D),  Cedric Richmond (D),  Lucille Roybal-Allard (D),  Raul Ruiz (D),  Dutch Ruppersberger (D),  Bobby Rush (D),  Tim Ryan (D),  Kilili Sablan (D),  Loretta Sanchez (D),  Linda Sánchez (D),  John Sarbanes (D),  Jan Schakowsky (D),  Adam Schiff (D),  Kurt Schrader (D),  Bobby Scott (D),  David Scott (D),  José Serrano (D),  Terri Sewell (D),  Brad Sherman (D),  Albio Sires (D),  Louise Slaughter (D),  Adam Smith (D),  Jackie Speier (D),  Eric Swalwell (D),  Mark Takai (D),  Mark Takano (D),  Mike Thompson (D),  Dina Titus (D),  Paul Tonko (D),  Norma Torres (D),  Niki Tsongas (D),  Chris Van Hollen (D),  Juan Vargas (D),  Marc Veasey (D),  Filemón Vela (D),  Nydia Velázquez (D),  Peter Visclosky (D),  Timothy Walz (D),  Debbie Wasserman Schultz (D),  Maxine Waters (D),  Bonnie Watson Coleman (D),  Peter Welch (D),  Frederica Wilson (D),  John Yarmuth (D), 

Motion to Discharge Committee filed by Mr. Courtney. Petition No: 114-6. ( ">Discharge petition text with signatures.) (on 07/11/2016)

Official Document