3.0.0 2718 2023-01-11T13:36:36Z 2023-01-11T13:36:36Z House HR 2017-05-25 115 [Congressional Record Volume 163, Number 91 (Thursday, May 25, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. PETERS:H.R. 2718.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8 of the US Constitution[Page H4609]]]> hsed00 Education and the Workforce Committee House Standing Referred to 2017-05-25T13:00:35Z 2017-05-25 Referred to the House Committee on Education and the Workforce. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2017-05-25 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-05-25 Introduced in House IntroReferral 1000 9 Library of Congress P000608 Rep. Peters, Scott H. [D-CA-52] Scott Peters D CA H. 52 N B001287 Rep. Bera, Ami [D-CA-7] Ami Bera D CA 7 2017-05-25 True B001296 Rep. Boyle, Brendan F. [D-PA-13] Brendan Boyle D PA F. 13 2017-05-25 True C001097 Rep. Cárdenas, Tony [D-CA-29] Tony Cárdenas D CA 29 2017-05-25 True C001080 Rep. Chu, Judy [D-CA-27] Judy Chu D CA 27 2017-05-25 True L000565 Rep. Loebsack, David [D-IA-2] David Loebsack D IA 2 2017-05-25 True M001185 Rep. Maloney, Sean Patrick [D-NY-18] Sean Maloney D NY Patrick 18 2017-05-25 True M001137 Rep. Meeks, Gregory W. [D-NY-5] GREGORY MEEKS D NY W. 5 2017-05-25 True M001160 Rep. Moore, Gwen [D-WI-4] Gwen Moore D WI 4 2017-05-25 True M001202 Rep. Murphy, Stephanie N. [D-FL-7] Stephanie Murphy D FL N. 7 2017-05-25 True N000002 Rep. Nadler, Jerrold [D-NY-10] JERROLD NADLER D NY 10 2017-05-25 True P000607 Rep. Pocan, Mark [D-WI-2] Mark Pocan D WI 2 2017-05-25 True R000515 Rep. Rush, Bobby L. [D-IL-1] BOBBY RUSH D IL L. 1 2017-05-25 True S001150 Rep. Schiff, Adam B. [D-CA-28] ADAM SCHIFF D CA B. 28 2017-05-25 True S001191 Rep. Sinema, Kyrsten [D-AZ-9] Kyrsten Sinema D AZ 9 2017-05-25 True S001193 Rep. Swalwell, Eric [D-CA-15] Eric Swalwell D CA 15 2017-05-25 True V000130 Rep. Vargas, Juan [D-CA-51] Juan Vargas D CA 51 2017-05-25 True J000032 Rep. Jackson Lee, Sheila [D-TX-18] SHEILA JACKSON LEE D TX 18 2017-05-25 True P000613 Rep. Panetta, Jimmy [D-CA-20] Jimmy Panetta D CA 20 2017-05-25 True L000397 Rep. Lofgren, Zoe [D-CA-19] ZOE LOFGREN D CA 19 2017-05-25 True M001166 Rep. McNerney, Jerry [D-CA-9] Jerry McNerney D CA 9 2017-06-27 False C001038 Rep. Crowley, Joseph [D-NY-14] JOSEPH CROWLEY D NY 14 2017-06-27 False J000298 Rep. Jayapal, Pramila [D-WA-7] Pramila Jayapal D WA 7 2017-10-24 False S001180 Rep. Schrader, Kurt [D-OR-5] Kurt Schrader D OR 5 2018-07-26 False Education Government lending and loan guarantees Higher education Interest, dividends, interest rates Student aid and college costs User charges and fees Education 00 2017-05-25 Introduced in House 2017-08-22T19:41:14Z Federal Student Loan Refinancing Act

This bill 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.

It directs the Department of Education (ED) to consolidate DLs, and send a completed loan consolidation application to FFEL borrowers, within 90 days of this bill's enactment. It gives FFEL borrowers six months after their receipt of such application to endorse it and submit it to ED if they wish to consolidate their loans.

The bill 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.

It 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.

It 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.

The bill 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 To allow certain student loan borrowers to refinance Federal student loans. Introduced in House IH Short Titles as Introduced Federal Student Loan Refinancing Act Introduced in House 2017-05-25T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr2718ih/xml/BILLS-115hr2718ih.xml 2017-05-25 Referred to the House Committee on Education and the Workforce. 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.