3.0.0 1066 2023-01-11T13:23:20Z 2023-01-11T13:23:20Z Senate S S 2013-05-23 113 sshr00 Health, Education, Labor, and Pensions Committee Senate Standing Referred to 2013-05-23T20:48:03Z Federal Student Loan Refinancing Act 113 4622 HR 2014-06-13 Referred to the Subcommittee on Higher Education and Workforce Training. Identical bill CRS 2013-05-23 sshr00 Health, Education, Labor, and Pensions Committee Senate Read twice and referred to the Committee on Health, Education, Labor, and Pensions. IntroReferral 2013-05-23 Introduced in Senate IntroReferral 10000 9 Library of Congress G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. N B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2013-06-27 False B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT 2013-07-29 False B001265 Sen. Begich, Mark [D-AK] Mark Begich D AK 2014-02-24 False M001170 Sen. McCaskill, Claire [D-MO] Claire McCaskill D MO 2014-03-26 False W000818 Sen. Walsh, John E. [D-MT] John Walsh D MT E. 2014-04-09 False M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2014-04-30 False B001288 Sen. Booker, Cory A. [D-NJ] Cory Booker D NJ 2014-05-20 False S001194 Sen. Schatz, Brian [D-HI] Brian Schatz D HI 2014-05-20 False T000464 Sen. Tester, Jon [D-MT] Jon Tester D MT 2014-05-21 False P000590 Sen. Pryor, Mark L. [D-AR] Mark Pryor D AR Lunsford 2014-06-03 False Education Government lending and loan guarantees Higher education Interest, dividends, interest rates Student aid and college costs User charges and fees Education 00 2013-05-23 Introduced in Senate 2014-05-20T12:17:52Z Federal Student Loan Refinancing Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to allow borrowers that received loans under the William D. Ford Federal Direct Loan (DL) or Federal Family Education Loan (FFEL) program on or after July 1, 2006, to consolidate those loans as Federal Direct Consolidation Loans.

Directs the Secretary of Education to consolidate DLs, and send a completed loan consolidation application to FFEL borrowers, within 90 days of this Act's enactment. Gives FFEL borrowers six months after their receipt of such application to endorse it and submit it to the Secretary if they wish to consolidate their loans.

Sets the interest rate on Federal Direct Consolidation Loans at 4% or, if the weighted average of the interest rates of the loans being consolidated is less than 4%, the lesser of: (1) that weighted average, or (2) an interest rate equal to 0.4% of the principal balance of the consolidation loan at the time of consolidation.

Adds an origination fee equal to 0.4% of the principal balance of the consolidation loan at the time of consolidation if an FFEL is being consolidated.

Reduces the interest rate on a Federal Direct Consolidation Loan by 0.25% if one or more of the loans being consolidated is an FFEL held by an eligible lender.

Prohibits any benefit a borrower is receiving or earning when issued a Federal Direct Consolidation Loan from being affected by the consolidation.

]]> Federal Student Loan Refinancing Act Display Title Federal Student Loan Refinancing Act Official Title as Introduced A bill to allow certain student loan borrowers to refinance Federal student loans. Introduced in Senate IS Short Titles as Introduced Federal Student Loan Refinancing Act Introduced in Senate 2013-05-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s1066is/xml/BILLS-113s1066is.xml 2013-05-23 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.