3.0.0 1266 2023-01-11T13:24:37Z 2023-01-11T13:24:37Z Senate S S 2013-06-27 113 sshr00 Health, Education, Labor, and Pensions Committee Senate Standing Referred to 2013-06-27T22:35:36Z 2013-06-27 sshr00 Health, Education, Labor, and Pensions Committee Senate Read twice and referred to the Committee on Health, Education, Labor, and Pensions. IntroReferral 2013-06-27 Introduced in Senate IntroReferral 10000 9 Library of Congress B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH N H001069 Sen. Heitkamp, Heidi [D-ND] Heidi Heitkamp D ND 2013-06-27 True D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2013-06-27 True M001111 Sen. Murray, Patty [D-WA] Patty Murray D WA 2013-06-27 True G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2013-06-27 True Education Congressional oversight Government lending and loan guarantees Higher education Interest, dividends, interest rates Student aid and college costs Education 00 2013-06-27 Introduced in Senate 2013-09-23T21:44:23Z Refinancing Education Funding to Invest (REFI) for the Future Act of 2013 - Directs the Secretary of the Treasury, upon determining that borrowers are unable to secure adequate credit accommodations with existing private education loans, to establish credit facilities to: (1) accommodate reasonable loan adjustments that reduce the likelihood that borrowers become delinquent or default on their loans, (2) benefit borrowers that are most likely to have private student debt service obligations that represent a disproportionate share of their income, and (3) ensure that borrowers pay lower interest rates that are commensurate with credit risk so that they can pursue more economically productive activities.

Requires the decision that borrowers are unable to secure adequate credit accommodations to be made by the Secretary jointly with the Secretary of Education and the Bureau of Consumer Financial Protection (CFPB).

Prohibits the establishment of such credit mechanisms from resulting in any net cost to the federal government.

Directs the Secretary of the Treasury to conduct a national awareness campaign to alert all private education loan borrowers who may benefit from those credit facilities or programs.

Terminates any activities initiated through such a credit facility three years after such facility is established or not later than five years after this Act's enactment.

Expresses the sense of the Congress that federal financial institutions and federally chartered private entities should consider the timely use of their available authorities to assist borrowers of private education loans in refinancing such loans in a manner that results in no increased costs to taxpayers.



]]> Refinancing Education Funding to Invest (REFI) for the Future Act of 2013 Display Title Refinancing Education Funding to Invest (REFI) for the Future Act of 2013 Official Title as Introduced A bill to provide for the establishment of a mechanism to allow borrowers of private education loans to refinance their loans, and for other purposes. Introduced in Senate IS Short Titles as Introduced Refinancing Education Funding to Invest (REFI) for the Future Act of 2013 Introduced in Senate 2013-06-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s1266is/xml/BILLS-113s1266is.xml 2013-06-27 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.