3.0.0 909 2023-01-11T13:24:58Z 2023-01-11T13:24:58Z Senate S S 2013-05-08 113 sshr00 Health, Education, Labor, and Pensions Committee Senate Standing Referred to 2013-05-08T22:34:12Z Responsible Student Loan Solutions Act 113 1946 HR 2013-07-08 Referred to the Subcommittee on Higher Education and Workforce Training. Identical bill CRS 2013-05-08 sshr00 Health, Education, Labor, and Pensions Committee Senate Read twice and referred to the Committee on Health, Education, Labor, and Pensions. IntroReferral 2013-05-08 Sponsor introductory remarks on measure. (CR S3260-3261) IntroReferral B00100 9 Library of Congress 2013-05-08 Introduced in Senate IntroReferral 10000 9 Library of Congress R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. N D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2013-05-08 True S001194 Sen. Schatz, Brian [D-HI] Brian Schatz D HI 2013-06-17 False M001170 Sen. McCaskill, Claire [D-MO] Claire McCaskill D MO 2013-07-11 False Education Government lending and loan guarantees Higher education Interest, dividends, interest rates Student aid and college costs Education 00 2013-05-08 Introduced in Senate 2013-06-08T15:08:27Z Responsible Student Loan Solutions Act - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to limit the unpaid amount of Direct Stafford loans that students may amass before completing their undergraduate education. Varies that limit on the basis of whether a student is a dependent student, independent student, or dependent student whose parents are unable to borrow a Direct PLUS loan.

Limits the amount of Direct Stafford loans that students may borrow in any academic year before the completion of their undergraduate studies. Varies that limit on the basis of whether a student: (1) is a dependent student, independent student, or dependent student whose parents are unable to borrow a Direct PLUS loan; and (2) has or has not successfully completed the first year or first and second years of their undergraduate studies.

Sets the annual interest rate on Direct loans at the bond equivalent rate on 91-day Treasury bills plus a percentage that: (1) represents the total cost of administering the Direct Loan program and borrower benefits, and (2) results in the program being revenue neutral for the applicable 12-month period. Allows the Secretary of Education to use different percentages under that formula for the Direct Stafford Loan, Unsubsidized Stafford Loan, PLUS Loan, and Consolidation Loan programs.

Caps the annual interest rate for Direct Stafford loans at 6.8%, and for Direct Unsubsidized Stafford loans and Direct PLUS and Consolidation loans at 8.25%

Directs the Secretary to charge the borrower of a Direct PLUS loan an origination fee of up to 3% of the loan principal.

Limits the applicability of the preceding provisions to loans first disbursed on or after July 1, 2013.

Authorizes the Secretary to refinance federal PLUS and Stafford loans to permit borrowers to obtain an interest rate determined pursuant to this Act's provisions.

Allows the Secretary to charge borrowers an administrative fee for refinancing such loans that does not exceed 0.5% of the loan principal.

]]> Responsible Student Loan Solutions Act Display Title Responsible Student Loan Solutions Act Official Title as Introduced A bill to amend the Federal Direct Loan Program under the Higher Education Act of 1965 to provide for student loan affordability, and for other purposes. Introduced in Senate IS Short Titles as Introduced Responsible Student Loan Solutions Act Introduced in Senate 2013-05-08T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113s909is/xml/BILLS-113s909is.xml 2013-05-08 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.